In the January 2011 Tech Review "2011 Tax Law Changes," we discussed the estate and gift tax changes created by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Act) and their application to estate and gift tax related planning software. Enough time has now passed to note a number of new commentaries on the 2010 Act that have appeared on the Internet. Here are references to the most useful of these commentaries and summaries of their content.

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For estate and tax planners, 2010 was a year in which more questions were raised than resolved. In the end, executors of estates of decedents who died in 2010 were left with two estate tax regimes to choose from. What are the key factors to consider in determining which regime will result in the more favorable outcome?
While it may seem attractive and simple to opt out of the estate tax altogether, doing so subjects the estate to modified carryover basis increases. Generally, if the decedent’s estate is valued under $5 million, it’s more desirable to opt in to the retroactive estate tax regime and receive the full step up in basis since no estate tax will be due. But establishing which option is better for estates with assets of over $5 million requires a closer look at the assets and a quantitative analysis to determine the tax liability under each scenario.