Estate Planning - Temporary Certainty
In mid-December of 2010, the Congress passed and the President signed into law the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Act). The Act contains the most significant changes to transfer taxes (estate, gift and generation-skipping tax) in decades. The changes are so significant that standard estate planning techniques may no longer be necessary.
However, the changes are only for 2011 and 2012, with no certainty at the present time as to what 2013 may bring. So, the uncertainty concerning the future of the estate tax that was present for much of 2010 is only removed through 2012.
The Center for Agricultural Law and Taxation does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. The Center's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.