The President has signed into law the new tax legislation which recently passed through Congress. Generally, the new tax law extends the existing tax rates for two more years, provides a two percent reduction in the payroll tax, and increases the estate tax exemption to $5 million. An additional provision in the legislation, which has been given very little attention in the public media, increases the gift tax exemption to $5 million beginning in 2011. Prior to this, the gift tax exemption was $1 million. This change will give individuals significantly greater flexibility in their estate planning. The $1 million gift ceiling was a hindrance to many individuals who wished to do comprehensive estate planning. With this exemption raised to $5 million, $10 million per couple, the estate planning options become much more diverse and will allow significantly more freedom to individuals to do planning.
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