2010 Tax Relief Act
On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”) became law. The Act provides estate planning opportunities that have never been available. However, the Act is temporary. It is structured to sunset on December 31, 2012, so its opportunities have a two-year window. With an increased estate tax exemption, an individual might be tempted to do nothing when the law is in flux. That may be a big mistake.