The new tax act signed by President Obama on December 17 contains a number of provisions that have a tremendous impact on estate planning, not only for the next two years, but also for 2010. Of particular interest right now is a unique opportunity to avoid the Generation-Skipping Transfer (“GST”) tax on gifts to grandchildren or more remote descendants, but only if you act by December 31.

If you are interested in taking advantage of this GST tax holiday, please contact your SGR Estate Planning and Wealth Protection counsel at your earliest convenience.