In the waning days of 2010, Congress passed legislation that ended the uncertainty about the federal estate, gift and generation-skipping transfer (GST) taxes. However, that new certainty lasts only until the end of 2012. The new law created major estate planning opportunities, however, the administration's budget proposals may also put a crimp into these tax saving prospects.

While this is not a detailed summary of the current law, it does highlight some of the advantages that are available under the new legislation and what will remain, or be lost if the president's budget proposals are enacted.

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