In the \u201cGeneral Explanations of the Administration\u2019s Fiscal Year 2012 Revenue Proposals\u201d (Feb. 14, 2011), the Treasury Department explained how the President\u2019s 2012 budget proposals presume several important changes in the estate, gift, and GST taxes.\u00a0 These changes include restoring the 2009 estate, gift and GST tax rules on January 1, 2013.\u00a0 These would include a top estate, gift and GST tax rate of forty-five percent (45%), a one million dollar ($1,000,000) gift tax exclusion, and a three million five hundred thousand dollar ($3,500,000) estate and GST basic exclusion amount, and making portability of the deceased espousal unused exclusion amount permanent.<\/p>\n
See www.treas.gov\/resource-center\/tax-policy<\/a><\/p>\n Copyright 2011 Phillips Law Offices, A Professional Corporation<\/p>\n","protected":false},"excerpt":{"rendered":" In the \u201cGeneral Explanations of the Administration\u2019s Fiscal Year 2012 Revenue Proposals\u201d (Feb. 14, 2011), the Treasury Department explained how the President\u2019s 2012 budget proposals presume several important changes in the estate, gift, and GST taxes.\u00a0 These changes include restoring the 2009 estate, gift and GST tax rules on January 1, 2013.\u00a0 These would include … Continue reading President Obama’s February 2011 Assumption for 2013 estate tax exemption<\/span>