Federal Estate, Gift and Generation Skipping Transfer Tax Update

December 2010

On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 ("TRA 2010"). The new legislation makes several significant changes to the estate, gift and generation-skipping transfer ("GST") tax laws for 2010, 2011 and 2012. Of immediate importance, the new law enhances the ability to make tax efficient transfers to grandchildren in trust before the end of 2010. We have summarized below some of the main provisions of the new law.

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