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 →

Thanx to the December 16, 2010 federal tax legislation, married couples now get a simple, non-trust “two for one” estate tax exemption, doubling up the amount that a surviving spouse can leave without estate tax. The concept is called “portability” of unused estate tax exemption, and it has never existed before. It has enormous, positive … Continue reading New, portability of unused estate tax exemption for married couples offers simple “2 for 1” plans. →