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    Tax Relief Act

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    Identify and discuss some of the ways that the Tax Relief Act affects a person's estate plan?

    © BrainMass Inc. brainmass.com December 24, 2021, 10:26 pm ad1c9bdddf

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    The Tax Relief Act of 2010 stressed unemployment authorization and job creation but the estate, gift and GST tax provisions contained in the act were stunning.

    First, it was a good year for the wealthy to die because there was no estate tax to be reported or paid for deaths in 2010. Of course, that wasn't for certain until the law was signed on December 17, 2010.

    By way of explanation the estate tax has been assessed in all years in recent memory, but what has changed frequently is the threshold for reporting. For 2011, estates totaling more than $1M of fair market value of assets must report and possibly pay estate ...

    Solution Summary

    This solution outlines how the tax relief act affects a persons estate plan. It provides a detailed analysis of the changes that the law has and reviews some strategies that have been employed to legally avoid paying high estate taxes. Additionally, this solution includes a complete list of reference sources for further investigation of the topic.