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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.


When selecting an auditor, the Council on Social Work Education sought a firm that could bring the greatest technical expertise to our organization. I remember my first meeting with Terri McKnight. As a new Executive Director, I felt very confident that she and Gelman, Rosenberg & Freedman had a handle on the nonprofit industry and could help us make better financial decisions for our environment.

Dr. Julia Watkins |  Executive Director
Council on Social Work Education