2010 Tax Relief Act


On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “2010 Tax Relief Act”). The 2010 Tax Relief Act included a number of taxpayer-friendly changes to federal income, gift, estate and generation-skipping transfer taxes. This discussion focuses on the changes to the estate, gift and generation-skipping transfer taxes enacted as part of the 2010 Tax Relief Act.

Estate Tax Changes

Each person dying during the two-year period between January 1, 2011, and December 31, 2012, will have an available exemption to shield $5 million in assets from federal estate tax. To the extent that the value of a taxpayer’s estate exceeds the $5 million exemption, reduced by the taxpayer’s use of exemption during life, then such excess will be taxed at a rate of 35 percent.

Please see full article 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.

© Lane Powell PC | Attorney Advertising

Written by:


Lane Powell PC on:

Readers' Choice 2017
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:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.