• The Federal Estate Tax Returns, But in a Kinder, Gentler Form
  • January 13, 2011 | Authors: Kathryn F. Khamsi; Eileen M. Maguire; C. Jones Perry; Sharon L. Trulock
  • Law Firms: Shearman & Sterling LLP - Paris Office ; Shearman & Sterling LLP - New York Office
  • On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the “Act”). In addition to extending the income tax cuts enacted during the Bush administration, the Act contains significant beneficial changes in the estate, gift and generation-skipping transfer tax laws. Unfortunately these changes are scheduled to expire at the end of 2012, and therefore Congress will again face the question of whether these changes should be made permanent. For the near term, however, new planning opportunities exist in light of increased estate, gift and generation-skipping transfer tax exemptions.