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Vedder Thinking | Articles Estate Planning Bulletin - Estate Planning After The 2010 Tax Act

What You Need To Know And Do Now


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As discussed in our December 2010 Estate Planning Bulletin, the Tax Reform Act of 2010 (the “Act”), which was enacted December 17, 2010, made the most significant changes in rates and exemptions for the estate, gift, and generation-skipping transfer (“GST”) taxes since the last major tax reform act in 2001. Accordingly, all estate plans should be reviewed early in 2011 to determine whether the plan will work as intended under the new Act.

Topics include:

  • Impact Of Tax Act On Married Couples’ Estate Plans
  • Portability Of Estate Tax Exemption Between Spouses, While Helpful, Is Rarely The Best Solution
  • Benefits Of A Simplifi ed Single-Trust Estate Plan For Married Couples
  • Increased Gift Tax Exemption For 2011–2012 May Have An Estate Tax Cost
  • Creating “His and Her” Trusts To Use Gift Tax Exemption, Retain Access
  • Planning Opportunities Continue For Estates Of 2010 Decedents
  • State Death Taxes Require Attention; Illinois Reinstates Estate Tax

For a detailed discussion of the most noteable new developments, download the bulletin below.