The Duffey Law Firm Blog

Saturday, December 18, 2010

New Obama Tax Law

President Obama signed the “Middle Class Tax Relief Act of 2010” yesterday December 17, 2010.

Key points of the New Tax Law:

  • $5 Million Dollar Exemption for Estates
  • $5 Million Dollar Exemption for Lifetime Gifts
  • $5 Million Dollar Exemption for Generation Skipping Transfers
  • Portability of the Estate Tax Exemption for married couples

The New Tax Law provides a window of opportunity for wealthy families to transfer wealth to subsequent generations, but the planning must be done carefully.  For example, in many instances depending upon the “Portability” of the estate tax exemption could be disastrous!

Many taxpayers should consider making substantial gifts to a Dynasty Trust in 2011 (don’t wait, tax laws change and opportunities can be lost)!  By acting quickly some families may enjoy transfers over several generations without any dissipation from the imposition of transfer taxes.

Check The Duffey Law Firm Home Page for a list of upcoming seminars on How to Take Advantage of the New Tax Law, and Preserving Family Wealth over the Generations.  Click on the link to The Duffey Law Firm to see dates and venues of 2011 Seminar Series.  Be sure to RSVP 561-862-4176 as seating is limited.

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