The Tax Relief Act of 2010 made significant temporary changes to estate, gift, and generation-skipping transfer tax laws through 2012. It established a $5 million exemption and 35% rate for these taxes. It also allows portability of exemption amounts between spouses and modified carry-over basis rules instead of estate tax for those who passed away in 2010. Estate planning professionals should be consulted to determine if existing plans need updates due to these new temporary laws.