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Big Changes to Gift and Estate Tax
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Apr 1, 2011
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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.
The National Association of Public Hospital & Health Systems has been a client of Gelman, Rosenberg & Freedman for many years because of the personalized service we receive from Audit Partners Michael Freedman and Terri McKnight.
Rhonda Gold | Assistant Vice President for Financial Operations
National Association of Public Hospital and Health Systems