The 2010 Tax Relief Act made some major changes to Estate and Gift Tax laws. Generally, the new law provides a $5 million exemption (so if your estate is under this amount – no Estate Tax), a top tax rate of 35%, a carryover of a spouses unused credit and “unifies” the estate and gift tax limit. These rules are set to expire after 2012, so now looks like a good time to address any estate tax issues. Since this area is so complex and has some major changes, we will try to break this down into smaller digestible areas, so keep a look out for our posts over the next couple of weeks.
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