2010 Tax Act Changes to Federal Estate and Gift Taxes - Planning Strategies for Consideration

Miller & Martin PLLC
Contact

Significant Estate and Gift Tax Provisions

The Tax Relief, Unemployment Reauthorization and Job Creation Act of 2010 (the “2010 Act”) became law effective December 17, 2010. The 2010 Act makes some significant changes to the federal estate and gift tax law. However, the changes are effective for only two years, or through year end 2012. Without further Congressional action, the law as it existed prior to 2001 will be reinstated in 2013. Among other effects, this would result in the federal estate tax exemption equivalent being reinstated at $1 million, a top federal estate tax rate of 55%, and a top gift tax rate of 55%. Among the significant changes to federal estate and gift tax law in effect through December 31, 2012 are:

The federal estate tax exemption is $5 million per spouse. Accordingly, with both spouses entitled to a $5 million exemption, a total of $10 million can be transferred free of federal estate tax.

The top federal estate tax rate is 35%...

Please see full publication below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

© Miller & Martin PLLC

Written by:

Miller & Martin PLLC
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Miller & Martin PLLC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide