Estate and Gift Tax Basics
By Attorney John L. Roberts, Longmeadow, Massachusetts
Estate and Gift taxes are "transfer taxes" charged to the estates of people who transfer assets that are worth more than the state and Federal Exclusion Amounts on this chart. Planning can save most estates from these taxes.
Estate & Gift Tax Threshold Amount Chart - Law Office of John L. Roberts |
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Year of Death |
Federal |
Maximum Federal Estate & Gift Tax Rate |
Federal  Amounts |
Mass Guide to Estate Taxes |
CT Estate & Gift Tax /
Forms |
|
| 1998 | $625,000 |
Lifetime Gift Exemption |
Annual Gift Exclusion |
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| 1999 | $650,000 |
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| 2000 | $675,000 |
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| 2001 | $675,000 |
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| 2002 | $1 million |
50% |
$1 mil. |
$11,000 |
$1 million |
|
| 2003 | $1 million |
49% |
$1 mil. |
$11,000 |
$700,000 |
|
| 2004 | $1.5 million |
48% |
$1 mil. |
$11,000 |
$850,000 |
|
| 2005 | $1.5 million |
47% |
$1 mil. |
$11,000 |
$950,000 |
$ 2 million |
| 2006 | $2 million |
46% |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
| 2007 | $2 million |
45% |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
| 2008 | $2 million |
45% |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
| 2009 | $3.5 million |
45% |
$1 mil. |
$13,000 |
$1 million |
$ 2 million |
2010 |
Modified Carry over basis of $1.3 plus $3 million for surviving spouse | $1 mil. |
$13,000.00 |
$1 million |
$3.5 million |
|
| 2010 Option 2 | $5 million |
35% |
$5 million, combined with value of estate |
$13,000 |
$1 million |
$3.5 million |
| 2011 | $5 million/person |
35% |
$5 million, combined with value of estate |
$13,000 |
$1 million |
$2 million |
| 2012 | $5.12 million/person This is a unified credit, which covers taxable gifts during a person's lifetime |
35% |
$5.12 million, combined with value of estate |
$2 million |
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| 2013 | unknown | unknown | ||||
Estate Tax Exclusion
Federal Estate & Gift Tax Resources
Frequently Asked Questions
about Federal Estate Taxation
IRS Pamphlet:
Introduction to Estate and Gift Tax
Form 706