{"id":24,"date":"2011-03-18T16:57:20","date_gmt":"2011-03-18T16:57:20","guid":{"rendered":"http:\/\/pleasantonestateplanninglawyer.com\/blog\/?p=24"},"modified":"2022-06-22T17:04:21","modified_gmt":"2022-06-22T17:04:21","slug":"new-estate-tax-gift-tax-and-generation-skipping-transfer-tax-laws","status":"publish","type":"post","link":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/new-estate-tax-gift-tax-and-generation-skipping-transfer-tax-laws","title":{"rendered":"NEW Estate Tax, Gift Tax, and Generation Skipping Transfer Tax Laws"},"content":{"rendered":"\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2010<\/strong><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2011<\/strong><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2012<\/strong><\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2013<\/strong><\/td>\n<\/tr>\n
\u00a0Estate Tax<\/strong><\/td>\n<\/tr>\n
\u00a0Exemption amount *<\/td>\n\u00a0$5.0 million<\/td>\n\u00a0$5.0 million<\/td>\n\u00a0$5.0 million (indexed for inflation)<\/td>\n\u00a0$1.0 million<\/td>\n<\/tr>\n
\u00a0Tax rate<\/td>\n\u00a0Flat (35%)<\/td>\n\u00a0Flat (35%)<\/td>\n\u00a0Flat (35%)<\/td>\n\u00a0Progressive (up to 55%)<\/td>\n<\/tr>\n
\u00a0Elections<\/td>\n\u00a0Can elect out of estate tax, but \u00a71022 carryover basis will apply ($1.3 million “free-basis” + $3.0 million spousal bonus)<\/td>\n\u00a0Can elect to add “deceased spousal unused exclusion amount” (basically, the unused exemption from the estate of the decedent\u2019s last deceased spouse or the exemption amount in effect at the decedent\u2019s death, whichever is less) to the exemption amount<\/td>\n\u00a0Can elect to add “deceased spousal unused exclusion amount” (basically, the unused exemption from the estate of the decedent\u2019s last deceased spouse or the exemption amount in effect at the decedent\u2019s death, whichever is less) to the exemption amount<\/td>\n\u00a0NoneNote that these estate tax laws may become political at the 2012 Presidential election, depending on the deficit and economy.<\/td>\n<\/tr>\n
\u00a0Gift Tax<\/strong><\/td>\n<\/tr>\n
\u00a0Exemption amount<\/td>\n\u00a0$1.0 million<\/td>\n\u00a0$5.0 million (plus, if elected, the “deceased spousal unused exclusion amount”)<\/td>\n\u00a0$5.0 million (indexed for inflation) <\/em>(plus, if elected, the “deceased spousal unused exclusion amount”)<\/td>\n\u00a0$1.0 million<\/td>\n<\/tr>\n
\u00a0Tax rate<\/td>\n\u00a0Flat (35%)<\/td>\n\u00a0Flat (35%)<\/td>\n\u00a0Flat (35%)<\/td>\n\u00a0Progressive (up to 55%)<\/td>\n<\/tr>\n
\u00a0Generation-Skipping Transfer Tax\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/td>\n<\/tr>\n
\u00a0Exemption amount<\/td>\n\u00a0$5.0 million<\/td>\n\u00a0$5.0 million<\/td>\n\u00a0$5.0 million (indexed for inflation)<\/td>\n\u00a0$1.0 million(indexed from 1997)<\/td>\n<\/tr>\n
\u00a0Tax rate<\/td>\n\u00a0Zero<\/td>\n\u00a0Flat (35%)<\/td>\n\u00a0Flat (35%)<\/td>\n\u00a0Progressive (up to 55%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* \u00a0Note 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.<\/strong><\/p>\n

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

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2010 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2011 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2012 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2013 \u00a0Estate Tax \u00a0Exemption amount * \u00a0$5.0 million \u00a0$5.0 million \u00a0$5.0 million (indexed for inflation) \u00a0$1.0 million \u00a0Tax rate \u00a0Flat (35%) \u00a0Flat (35%) \u00a0Flat (35%) \u00a0Progressive (up to 55%) \u00a0Elections \u00a0Can elect out of estate tax, but \u00a71022 carryover basis will apply ($1.3 million “free-basis” + $3.0 million … Continue reading NEW Estate Tax, Gift Tax, and Generation Skipping Transfer Tax Laws<\/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-24","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\/24","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=24"}],"version-history":[{"count":7,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/24\/revisions"}],"predecessor-version":[{"id":1159,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/24\/revisions\/1159"}],"wp:attachment":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/media?parent=24"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/categories?post=24"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/tags?post=24"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}