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Changes to the Estate and Gift Laws Enacted
For most of 2010, we expected action from Congress on the fate of the estate tax. As most of you know, Congress agreed on a temporary estate tax measure at the end of the year, which clarifies the tax laws for now. On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010, which includes changes to the federal estate, gift and generation-skipping transfer ("GST") tax laws for 2011 and 2012.
While the new law provides short-term clarity for estate, gift and GST taxes, the statute is “temporary” and sunsets on December 31, 2012. Therefore, we can expect further changes to the laws in this area sometime within the next two years. A brief summary of the key items from the new law and some planning items to consider follow.
What does the new law say?
These are some general points about the new law. Please contact us if you would like to discuss how these changes may affect you. If you have not updated your documents in the last few years, this is an appropriate time for a more comprehensive review of your estate plan to ensure that it still meets your estate planning needs and objectives.
On May 13, Day Pitney International Trusts and Estates Partner Sarah B. Jacobson spoke on the panel, "Welcome to Miami, Bienvenidos a Miami!: Pre-Immigration Planning When Moving to the Magic City," at the STEP Miami Annual Summit.
Special Needs Planning Partner Meredith Greene will hold a webinar for The Arc of the South Shore on "Guardianship & Alternatives," on May 4.
On April 28, Special Needs Planning Partner Meredith H. Greene will hold a webinar, "Guardians and the Other Alternatives," with The Arc of Bristol County.
Special Needs Planning Partner Meredith Greene will hold a webinar for The Arc of Greater Haverhill-Newburyport on "Transition Boot Camp & Beyond: Guardianship & Alternatives," on April 14.
Individual Clients Department Partner Dina Kapur Sanna Co-Chaired the 17th International Estate Planning Institute sponsored by STEP-NY and the New York State Bar Association Trusts & Estates Law Section, the International Section on March 31 and April 1 where Individual Clients Department Partner Carl Merino also spoke.
Day Pitney Press Release
Trusts and Estates Attorney Leigh E. Furtado has been elected a Fellow of the American Bar Foundation (ABF).
Florida-based Counsel Jay D. Mussman received special commendations from the Legal Aid Society of Palm Beach County, the Florida Supreme Court and the Florida Pro Bono Coordinators Association for his pro bono work in the years 2019 and 2020.
Day Pitney attorneys Andrew M. Nerney and Anna Rothfus Merin co-authored the article, "A Work of Art: Preserving Private Foundations by Prohibiting Self-Dealing," published by WealthManagement.com.
Miami Partners Sarah B. Jacobson and Georgia A. Thompson's promotion to partnership were featured in Florida Bar News' On The Move Column.
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This website may use cookies, pixel tags and other passive tracking technologies, including Google Analytics, to improve functionality and performance. For more information, see our Privacy Policy. By using our website, you are consenting to our use of these tracking technologies. You can alter the configuration of your browser to refuse to accept cookies, but if you do so, it is possible that some areas of web sites that use cookies will not function properly when you view them. To learn more about how to delete and manage cookies, refer to the support instructions for each browser (e.g., see AllAboutCookies.org). You may locate Google Analytics' currently available opt-outs for the web here.