{"id":185,"date":"2011-10-27T21:30:51","date_gmt":"2011-10-27T21:30:51","guid":{"rendered":"http:\/\/pleasantonestateplanninglawyer.com\/blog\/?p=185"},"modified":"2022-06-22T17:02:19","modified_gmt":"2022-06-22T17:02:19","slug":"new-estate-tax-exemptions-gift-tax-exemptions-generations-skipping-transfer-tax-exemptions-for-2012-and-beyond","status":"publish","type":"post","link":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/new-estate-tax-exemptions-gift-tax-exemptions-generations-skipping-transfer-tax-exemptions-for-2012-and-beyond","title":{"rendered":"New Estate Tax Exemptions, Gift Tax Exemptions, Generations Skipping Transfer Tax Exemptions for 2012 and Beyond"},"content":{"rendered":"\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n2010\u00a0<\/span><\/span><\/strong><\/strong><\/td>\n2011\u00a0<\/span><\/span><\/strong><\/strong><\/td>\n2012\u00a0<\/span><\/span><\/strong><\/strong><\/td>\n2013\u00a0<\/span><\/span><\/strong><\/strong><\/td>\n<\/tr>\n
Estate Tax\u00a0<\/span><\/span><\/strong><\/strong><\/td>\n<\/tr>\n
Exemption amount *\u00a0<\/span><\/span><\/span><\/td>\n$5.0 million\u00a0<\/span><\/span><\/span><\/td>\n$5.0 million\u00a0<\/span><\/span><\/span><\/td>\n$5,120,000\u00a0<\/span><\/span><\/span><\/td>\n$1.0 million\u00a0<\/span><\/span><\/span><\/td>\n<\/tr>\n
Tax rate\u00a0<\/span><\/span><\/span><\/td>\nFlat (35%)\u00a0<\/span><\/span><\/span><\/td>\nFlat (35%)\u00a0<\/span><\/span><\/span><\/td>\nFlat (35%)\u00a0<\/span><\/span><\/span><\/td>\nProgressive (up to 55%)\u00a0<\/span><\/span><\/span><\/td>\n<\/tr>\n
Elections\u00a0<\/span><\/span><\/span><\/td>\nCan elect out of estate tax, but \u00a71022 carryover basis will apply ($1.3 million “free-basis” + $3.0 million spousal bonus)\u00a0<\/span><\/span><\/span><\/td>\nCan elect to add “deceased spousal unused exclusion amount” (basically, the unused exemption from the estate of the decedent s last deceased spouse or the exemption amount in effect at the decedent s death, whichever is less) to the exemption amount\u00a0<\/span><\/span><\/span><\/td>\nCan elect to add “deceased spousal unused exclusion amount” (basically, the unused exemption from the estate of the decedent s last deceased spouse or the exemption amount in effect at the decedent s death, whichever is less) to the exemption amount\u00a0<\/span><\/span><\/span><\/td>\nNoneNote that these estate tax laws will be very political during the 2012 Presidential election. Only time will tell what happens with the so-called Bush Tax Cuts<\/span><\/span><\/span><\/td>\n<\/tr>\n
Gift Tax\u00a0<\/span><\/span><\/strong><\/strong><\/td>\n<\/tr>\n
Exemption amount\u00a0<\/span><\/span><\/span><\/td>\n$1.0 million\u00a0<\/span><\/span><\/span><\/td>\n$5.0 million (plus, if elected, the “deceased spousal unused exclusion amount”)\u00a0<\/span><\/span><\/span><\/td>\n$5,120,000 (plus, if elected, the “deceased spousal unused exclusion amount”)\u00a0<\/span><\/span><\/span><\/td>\n$1.0 million\u00a0<\/span><\/span><\/span><\/td>\n<\/tr>\n
Tax rate\u00a0<\/span><\/span><\/span><\/td>\nFlat (35%)\u00a0<\/span><\/span><\/span><\/td>\nFlat (35%)\u00a0<\/span><\/span><\/span><\/td>\nFlat (35%)\u00a0<\/span><\/span><\/span><\/td>\nProgressive (up to 55%)\u00a0<\/span><\/span><\/span><\/td>\n<\/tr>\n
Generation-Skipping Transfer Tax\u00a0<\/span><\/span><\/strong><\/strong><\/td>\n<\/tr>\n
Exemption amount\u00a0<\/span><\/span><\/span><\/td>\n$5.0 million\u00a0<\/span><\/span><\/span><\/td>\n$5.0 million\u00a0<\/span><\/span><\/span><\/td>\n$5,120,000\u00a0<\/span><\/span><\/span><\/td>\n$1.0 million(indexed from 1997)<\/span><\/span><\/span><\/td>\n<\/tr>\n
Tax rate\u00a0<\/span><\/span><\/span><\/td>\nZero\u00a0<\/span><\/span><\/span><\/td>\nFlat (35%)\u00a0<\/span><\/span><\/span><\/td>\nFlat (35%)\u00a0<\/span><\/span><\/span><\/td>\nProgressive (up to 55%)\u00a0<\/span><\/span><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
* Note the evolution of estate tax exemption amounts: $600,000 in 1997; $625,000 in 1998; $650,000 in 1999; $675,000 in 2000-2001; $1,000,000 in 2002-2003; $1,500,000 in 2004-2005; $2,000,000 in 2006-2008; $3,500,000 in 2009.<\/span><\/strong><\/div>\n

Copyright 2011 Phillips Law Offices, A Professional Corporation<\/p>\n","protected":false},"excerpt":{"rendered":"

2010\u00a0 2011\u00a0 2012\u00a0 2013\u00a0 Estate Tax\u00a0 Exemption amount *\u00a0 $5.0 million\u00a0 $5.0 million\u00a0 $5,120,000\u00a0 $1.0 million\u00a0 Tax rate\u00a0 Flat (35%)\u00a0 Flat (35%)\u00a0 Flat (35%)\u00a0 Progressive (up to 55%)\u00a0 Elections\u00a0 Can elect out of estate tax, but \u00a71022 carryover basis will apply ($1.3 million “free-basis” + $3.0 million spousal bonus)\u00a0 Can elect to add “deceased spousal … Continue reading New Estate Tax Exemptions, Gift Tax Exemptions, Generations Skipping Transfer Tax Exemptions for 2012 and Beyond<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,25],"tags":[],"class_list":["post-185","post","type-post","status-publish","format-standard","hentry","category-estate-planning","category-tax-planning"],"_links":{"self":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/comments?post=185"}],"version-history":[{"count":4,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/185\/revisions"}],"predecessor-version":[{"id":1154,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/185\/revisions\/1154"}],"wp:attachment":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/media?parent=185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/categories?post=185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/tags?post=185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}