Ring in 2011 and 2012 With the New Tax Law

The uncertainty we shared in our last Alert regarding tax rates and exemptions has temporarily subsided. On December 17, 2010, the President signed into law the “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010” (“Act”), revising the income, estate, generation-skipping transfer (“GST”) and gift taxes for 2010, 2011 and 2012. This Alert provides a brief summary of the law and its possible impact.