In mid-December of 2010, the Congress passed and the President signed into law the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Act).1 The Act contains the most significant changes to transfer taxes (estate, gift and generation-skipping tax) in decades. The changes are so significant that standard estate planning techniques may no longer be necessary. However, the changes are only for 2011 and 2012,2 with no certainty at the present time as to what 2013 may bring. So, the uncertainty concerning the future of the estate tax that was present for much of 2010 is only removed through 2012.
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