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 Exemption |
Annual 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| 2010 | Estate Tax Repealed? Carryover basis takes effect for all decedents dying after December 31, 2009. | $1 mil. |
indexed for inflation in future years | Read new rules on estate and gift tax reporting for 2010. | ||
| 2011 | Estate Tax returns, with a $1 millionn exclusion aont, unless Congress Acts during 2010. | |||||
Estate Tax Exclusion
Beginning January 1, 2010, a new system of "basis adjustment" took effect, abolishing the Federal estate tax exclusion amounts.
Federal Estate Tax Viewpoints: |
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End the Estate Tax: |
Bring Estate Tax Back in 2010: |
Your View of What Will Happen: |
Family Business Institute: • This is the first time since 1916 there is no tax on assets that pass upon a person's death! more >> • It's double taxation that ruins family owned businesses, and confiscates the fruits of work during a persons's lifetime. more >> • Obama, Pelosi, Reid, and allies in Congress want to stop the 2010 repeal. They intend to make the Death Tax permanent, at 45 percent – if not higher! more >> |
New York Times Editorial: • The current 2009 estate tax exemptions are "more-than-generous" with no tax on the sale of inherited property • Repeal of the estate tax would harm many small family businesses • The House of Representatives voted in December, 2009 to continue the estate tax, but the US Senate created "An Estate Tax Mess" by not voting to keep the tax. more >> |
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Do You Need Estate Tax Planning in 2010? Techniques for avoiding Massachusetts estate taxes |
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Federal Estate & Gift Tax Resources
Frequently Asked Questions
about Federal Estate Taxation
IRS Pamphlet:
Introduction to Estate and Gift Tax
Form 706
