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estateandgifttax


ESTATE & GIFT TAX
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Many clients are concerned with preserving their estates for their beneficiaries rather than paying their child’s inheritance to the State and Federal governments. By analyzing your goals, a good estate planning attorney can assist you in maximizing or eliminating estate taxes. Each individual has an exemption equivalent amount that they can utilize during their lifetime or at death to reduce estate taxes. Many individuals learn techniques to reduce the "value" of their taxable estate by making lifetime gifts and by taking advantage of a concept called "discounting". Discounting can be a valuable tool during one’s lifetime and can provide for a second round of discounting upon death.


Year Lifetime Gift
Tax Exemption
Estate Tax Exemption* Gift, Estate and Generation Skipping Exemption (GST) Tax Rate
   
2004 $1,000,000 $1,500,000 48%
2005 $1,000,000 $1,500,000 47%
2006 $1,000,000 $2,000,000 46%
2007 $1,000,000 $2,000,000 45%
2008 $1,000,000 $2,000,000 45%
2009 $1,000,000 $3,500,000 45%
2010 $1,000,000 $5,000,000 35% or 0%
2011 $5,000,000 $5,000,000 35%
2012 $5,000,000 $5,000,000 35%
2013 $1,000,000 $1,000,000 55%

*The estate tax exemption amount is reduced for lifetime taxable gifts

 



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