On Dec. 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Act) went into effect and created tremendous wealth transfer opportunities for a narrow window of time. The 2010 Act is scheduled to expire on Dec. 31, 2012, at which time under current law the opportunities afforded under the 2010 Act will be lost. This article explores various tax planning opportunities created under the 2010 Act.
Among the changes implemented through the 2010 Act, there were several substantive changes to gift, estate and generation-skipping transfer (GST) tax law, including the following:
(i) the estate, gift and GST tax rates were decreased from 45 percent in 2009 to 35 percent;
(ii) the estate and GST tax exemptions were increased from $3.5 million in 2009 to $5 million, indexed for inflation; and
(iii) the gift tax exemption was increased from $1 million in 2009 to $5 million, indexed for inflation.
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