The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which went into effect on January 1, 2011, provides significant estate planning opportunities for wealthy individuals over the next two years. The new law extends current income tax rates and enacts a new $5 million exemption from the federal estate and gift taxes, with a 35% maximum estate tax rate.
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Please feel free to contact your Casner & Edwards attorney with any questions about the new law.