More than 10 years of uncertainty regarding federal transfer tax law was brought to an end on January 2, 2013, with the enactment of ATRA, which made permanent many of the changes previously made to the estate, gift and generation-skipping transfer (GST) taxes by the passage of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Among the highlights are the Act’s provisions which are favorable to donors and estates, including an increase in the exclusion amounts and the “portability” of the deceased spouse’s unused exclusion amount. In 2014, the estate, gift and GST tax exclusion amounts are $5,340,000, as indexed for inflation. The exclusion amounts provide a one-time credit for individuals in life and at death against transfer taxes. Effective for deaths occurring after December 31, 2010, the estate of a surviving spouse may utilize the unused portion of the predeceased spouse’s exclusion amount at his or her later death. It is important to note that in order to take advantage of the portability provision, an election must have been made by the predeceased spouse’s estate on the estate tax return filed for the estate.