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September 02, 2011 8:35:46 am

Temporary Estate and Gift Tax Relief in 2010 Tax Relief Act

The 2010 Tax Relief Act, signed into law in December 2010 extended individual and capital gains/dividend tax cuts for two years, provided for a one-year payroll tax cut, and bonus depreciation in 2011 and 2012. In addition, the federal estate and gift tax was reinstated with a maximum rate of 35% and a $5 million exclusion for decedents dying after December 31, 2009 and before January 1, 2013. The 2010 Tax Relief Act substantially increases the exclusion amount for gifts, thus providing additional gifting opportunities through 2012.