2010  2011  2012  2013  Estate Tax  Exemption amount *  $5.0 million  $5.0 million  $5,120,000  $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 spousal bonus)  Can elect to add “deceased spousal … Continue reading New Estate Tax Exemptions, Gift Tax Exemptions, Generations Skipping Transfer Tax Exemptions for 2012 and Beyond →