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Big Changes to Gift and Estate Tax

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.


For the past 12 years, the accounting firm of Gelman, Rosenberg & Freedman has consistently provided the Chesapeake Bay Foundation (CBF) with superior services.  The Gelman, Rosenberg and Freedman team, led by partner Terri McKnight, is knowledgeable about the nuances of the nonprofit industry, as well as attentive and thorough in their responses to any questions and concerns.

Fay Nance |  Chief Financial Officer
Chesapeake Bay Foundation