Contact Us for a Free Consultation 817-277-2077

Dismuke & Waters Legal Blog

Estate and Gift Tax Provisions of New 2010 Tax Law

Posted by Christin D. Hoyt | Dec 22, 2010 | 0 Comments

On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“the Act”). Although the primary feature of this legislation is a two-year extension of the Bush-era income tax cuts, the Act also addresses the repeal of the estate tax for 2010 and its reinstatement in 2011. The legislation re-enacts the estate tax for 2010 (but, grants an option to elect back into the repeal) and provides generous estate and gift tax exemptions and rates for 2011 and 2012. Unfortunately, the Act is only a temporary measure — in 2013, the pre-2001 estate and gift tax provisions will return, with the potential to impose a much greater tax burden on estates and gifts.

A summary of the provisions of the new Act is presented under our newsletter heading. In addition, we offer a discussion of the opportunities and pitfalls that it presents for your personal estate planning.

About the Author

Christin D. Hoyt

Our Attorneys

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Contact Us Today

Dismuke & Waters is committed to answering your questions about estate planning and real estate law issues in Texas. We offer consultations and we'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.

Menu