On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Authorization and Jobs Creation Act of 2010, known as the “2010 Act.”  The 2010 Act increased and extended the federal estate and GST tax exemptions for two years, 2011 and 2012, and for the first time increased the federal gift tax exemption to $5,000,000 per person.  The gift estate tax exemptions were indexed for inflation so that, in 2012, the exemption is $5,120,000 per person.