The document summarizes changes to the estate, gift, and generation-skipping transfer (GST) taxes under the 2010 Tax Relief Act. It notes that the estate tax exemption will increase to $5 million per person for 2011-2012 and the top tax rate will be reduced to 35%. It also discusses the new portability provision that allows the unused exemption of a deceased spouse to be transferred to the surviving spouse. The document recommends taking advantage of the increased gift and estate tax exemptions over the next two years through gifting and outlines options for estate planning structures.