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Big Changes to Gift and Estate Tax

Gelman, Rosenberg & Freedman CPAs is a member of CPAmerica International, an association of CPA and consulting firms that provides industry knowledge including insightful articles, to help member firms serve clients and other individuals and organizations.

The recently enacted Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 has far reaching effects on tax payers, and it’s important to understand how these new laws apply to your particular situation. This Federal Tax Watch article highlights the the differences between annual and lifetime exclusions, how these have changed under the new law, the re-implementation of the generation skipping tax (GST) and other related topics.

Summaries of the law’s new provisions are explained with hypothetical scenarios to clarify how these laws affect actual people. Also included are charts to help you determine if you might owe taxes at the state level and what rate you might expect to pay based on various circumstances.


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The American Refugee Committee