The applicable exclusion amount is the amount that can be sheltered from federal gift and estate tax by the unified credit. The applicable exclusion amount (the basic exclusion amount in 2011 and 2012, see more below) is $5 million in 2011 and [more...]
Introduction The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Act) was signed into law in December 2010. This law contained dramatic changes to the federal gift and estate tax and the federal generation-skipping transfer (GST) [more...]
Looking ahead Without further legislation in the interim, the provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 are scheduled to sunset, or expire, on January 1, 2013, at which time tax rates and exemption amounts return [more...]
