Unified estate and gift tax refers to the tax system which combined the applicable exclusion amount and other parts of estate and gift taxes by the 2010 Tax Relief Act. Prior to this bill, estate and gift taxes received different individual exclusion amounts and faced slightly different rules. However, after 2011, these two taxes were linked together to receive the same tax rates and the same applicable exclusion amount.
[Last updated in June of 2021 by the Wex Definitions Team]