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ARTICLE · 29 DECEMBER 2011

Estate Planning for Year-End 2011 - And Beyond

Holland & Knight
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Recent changes to the federal estate, gift and generation-skipping transfer (GST) taxes (commonly referred to as "transfer" taxes), together with current historically low interest rates, have created unusual opportunities for individuals to undertake additional estate planning.

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Austin Wilkie is a Partner in our New York office

Recent changes to the federal estate, gift and generation-skipping transfer (GST) taxes (commonly referred to as "transfer" taxes), together with current historically low interest rates, have created unusual opportunities for individuals to undertake additional estate planning.

In December 2010, Congress dramatically altered the transfer tax regime with the passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the "Act"). Among other significant changes, the Act:

  • reunifies the estate, gift and GST taxes
  • reduces the top transfer tax rate
  • increases the applicable transfer tax exemptions

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