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Although federal Estate and Gift taxes are repealed (as of today) for the year 2010, the general consensus in Washington seems to be that we will have a federal estate tax, although the exemption levels will be raised to something between $2,000,000 and $3,000,000 per decedent.What this means is that individuals who have taxable estates, and who have delayed planning, should re-think matters and consult with a tax professional.
The table below lists the current federal Estate and Gift tax exemption levels. Click here for information regarding Georgia's (largely non-existent) estate and gift tax.
Calendar
Year |
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Federal Gift Tax
Exemption |
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Federal Estate & GST Tax
Exemption |
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Highest Federal Estate &
GST Tax Rates |
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2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
|
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$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000
$1,000,000 |
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$1,000,000 *
$1,000,000 *
$1,500,000
$1,500,000
$2,000,000
$2,000,000
$2,000,000
$3,500,000
Unlimited
$1,000,000 * |
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50%
49%
48%
47%
46%
45%
45%
45%
N/A
55% |
Links:
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