2010                 2011                 2012              2013  Estate Tax  Exemption amount *  $5.0 million  $5.0 million  $5.0 million (indexed for inflation)  $1.0 million  Tax rate  Flat (35%)  Flat (35%)  Flat (35%)  Progressive (up to 55%)  Elections  Can elect out of estate tax, but §1022 carryover basis will apply ($1.3 million “free-basis” + $3.0 million … Continue reading NEW Estate Tax, Gift Tax, and Generation Skipping Transfer Tax Laws →

In the “General Explanations of the Administration’s Fiscal Year 2012 Revenue Proposals” (Feb. 14, 2011), the Treasury Department explained how the President’s 2012 budget proposals presume several important changes in the estate, gift, and GST taxes.  These changes include restoring the 2009 estate, gift and GST tax rules on January 1, 2013.  These would include … Continue reading President Obama’s February 2011 Assumption for 2013 estate tax exemption →