Estate Assets Checklist & Certification Form Estate & Gift Tax Basics: Estate Values that Require Estate Tax Planning
Estate and Gift taxes are "transfer taxes" charged to the estates of people who leave assets that are worth more than the state and Federal Exclusion Amounts on this chart. The 2013 tax law gives a surviving spouse the right to leave take advantage of any federal estate and gift tax exemption left unused by the predeceased spouse.. Understanding these state and federal estate tax thresholds is the first step toward protecting your lifetime of work and investment.
Estate & Gift Tax Threshold Amounts |
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Year of Death |
Maximum Federal Estate & Gift Tax Rate |
Guide to Estate Taxes |
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| Federal Estate Tax Exclusion Amount | Lifetime Gift Exemption |
Annual Gift Exclusion |
Estate Tax Threshold |
Estate Tax Threshold |
||
2013 |
$5.25 million |
40% |
$5.25 million |
$14,000 |
$1 million |
$2 million |
Historical Data for Previous Years |
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2012 |
$5.12 million per person This unified credit also covers taxable gifts during a person's lifetime |
35% |
$5.12 million, combined with value of estate |
$13,000 |
$1 million |
$2 million |
2011 |
$5 million/person |
35% |
$5 million, combined with value of estate |
$13,000 |
$1 million |
$2 million |
2010 |
Modified Carry over basis |
$1 mil. |
$13,000.00 |
$1 million |
$3.5 million |
|
2010 Option 2 |
$5 million per person Read more |
35% |
$5 million, combined with value of estate |
$13,000 |
$1 million |
$3.5 million |
$3.5 million |
45% |
$1 mil. |
$13,000 |
$1 million |
$ 2 million |
|
2008 |
$2 million |
45% |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
2007 |
$2 million |
45% |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
2006 |
$2 million |
46% |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
2005 |
$1.5 million |
47% |
$1 mil. |
$11,000 |
$950,000 |
$ 2 million |
2004 |
$1.5 million |
48% |
$1 mil. |
$11,000 |
$850,000 |
|
2003 |
$1 million |
49% |
$1 mil. |
$11,000 |
$700,000 |
|
2002 |
$1 million |
50% |
$1 mil. |
$11,000 |
$1 million |
|
Federal Estate & Gift Tax Resources
Frequently Asked Questions
about Federal Estate Taxation
IRS Pamphlet:
Introduction to Estate and Gift Tax
Form 706
New portability rules: A cure for incomplete estate planning