Three words. It all depends. As ridiculous as it sounds, it all depends on what year you die. For example, if you died this year or next, you would have a $5,000,000 estate tax exemption under current law. Beyond that, no one knows what the estate tax free amount will be. The law on the … Continue reading Will there be estate tax due when I die?
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