Repeals the federal estate tax and the generation-skipping transfer (GST) tax for deaths and transfers on or after the law’s enactment, with a limited transition rule for certain Qualified Domestic Trust (QDOT) distributions tied to decedents who died before enactment. It also revises federal gift-tax rules: changes how gifts into trusts are treated, sets the lifetime gift-tax exemption base at $10,000,000 (indexed for inflation with rounding), and applies these gift-tax rules to gifts made on or after enactment (with a special transition rule for the calendar year of enactment).