• 2010 Tax Act (Florida version)
  • January 27, 2011
  • Law Firm: Harter Secrest Emery LLP - Rochester Office
  • The recent election season and its aftermath were filled with discussions of the so-called "Bush tax cuts." A significant part of the debate involved the federal estate and generation skipping transfer tax (or "GST tax" for short). Along with the gift tax, the estate and GST taxes are the three taxes that federal law imposes on the transfer of wealth. The uncertainty about what Congress might do about transfer taxes - and when - concerned many clients who understandably wanted to have clear rules about how federal law would affect their estate planning. We will focus on the most important transfer tax provisions of the 2010 Tax Act as they relate to planning in 2011 and beyond. Following this discussion, we will comment on how the provisions affect clients' planning.