The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act raised the gift, estate and generation skipping transfer (GST) tax exemptions to $5 million for 2011 and 2012. In fact, these exemptions are $5.12 million in 2012, after adjusting for inflation.
These exemption amounts are scheduled to expire on Dec. 31, 2012. If no new law is enacted, the federal gift, estate and GST tax exemptions will revert back to $1 million, although the GST exemption will be adjusted for inflation going back to 2001. Furthermore, the maximum transfer tax rate will increase from 35 percent to 55 percent.1
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