Federal Gift and Estate Tax Exemption Levels
| Year |
Estate Tax Exemption |
Generation Skipping Transfer Tax Exemption |
Lifetime Gift Tax Exemption |
Maximum Estate & Gift
Tax Rates |
| 2005 |
$1,500,000 |
$1,500,000 |
$1,000,000 |
47% |
| 2006 |
$2,000,000 |
$2,000,000 |
$1,000,000 |
46% |
| 2007 |
$2,000,000 |
$2,000,000 |
$1,000,000 |
45% |
| 2008 |
$2,000,000 |
$2,000,000 |
$1,000,000 |
45% |
| 2009 |
$3,500,000 |
$3,500,000 |
$1,000,000 |
45% |
| 2010 |
Estate Tax Suspended |
GST Tax Suspended |
$1,000,000 |
Rate equals top income tax rate |
| 2011 |
$1,000,000 |
$1,120,000 adjusted for post-2003 inflation |
$1,000,000 |
55% |
The gift tax annual exclusion amount is $12,000 per person per year.
You can learn more about estate, gift and income taxes and charitable deductions at the IRS website, www.irs.gov
This web page does not provide legal or financial advice, nor is it intended as a comprehensive review of the topic. You should consult your attorney, tax advisor and St. Lawrence before making or planning your gift.
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