The estate and gift tax changes in the recently enacted 2010 Tax Relief Act. Before the new law, there was no estate tax for 2010, but some beneficiaries could have faced higher taxes because there were less favorable income tax basis rules. Also, under the prior law, estate and other transfer taxes were scheduled to rise substantially for post-2010 transfers.

If this affects you, please read the details of the changes in our recent letter and firm publication here:  “Tax Relief Act 2010 – Letter re:  Estate and Gift Tax Changes