With 2010’s Tax Relief Act, which was enacted in December, many changes were made that will effect the planning of estates. Rates were significantly lowered and exemptions were raised, which will impact estate planning for at least the next two years.

The act essentially makes it possible for money to be given away as either a gift or in an estate and not be taxed. This change is temporary, as it will only be going on until the end of 2012. This new act will be helpful to beneficiaries of large estates because they will be faced with less taxes upon inheriting an estate.

If you or someone you love would like help planning an estate, please contact the Houston estate planning lawyers of Garg & Associates, PC, at 281-362-2865.