{"id":266,"date":"2012-03-21T20:20:53","date_gmt":"2012-03-21T20:20:53","guid":{"rendered":"http:\/\/pleasantonestateplanninglawyer.com\/blog\/?p=266"},"modified":"2022-06-22T16:59:24","modified_gmt":"2022-06-22T16:59:24","slug":"chart-of-current-and-historical-estate-tax-exemptions-gift-tax-exemptions-and-gst-exemptions","status":"publish","type":"post","link":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/chart-of-current-and-historical-estate-tax-exemptions-gift-tax-exemptions-and-gst-exemptions","title":{"rendered":"Chart of current and historical estate tax exemptions, gift tax exemptions, and GST exemptions"},"content":{"rendered":"

\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n2010<\/span><\/span><\/strong><\/strong><\/td>\n2011<\/span><\/span><\/strong><\/strong><\/td>\n2012<\/span><\/span><\/strong><\/strong><\/td>\n2013<\/span><\/span><\/strong><\/strong><\/td>\n<\/tr>\n
Estate Tax<\/span><\/span><\/strong><\/strong><\/td>\n<\/tr>\n
Exemption amount *<\/span><\/span><\/span><\/td>\n$5.0 million<\/span><\/span><\/span><\/p>\n

*<\/span><\/span><\/td>\n

$5.0 million<\/span><\/span><\/span><\/p>\n

*<\/span><\/span><\/td>\n

$5,120,000<\/span><\/span><\/span><\/p>\n

*<\/span><\/span><\/td>\n

$1.0 million<\/span><\/span><\/span><\/p>\n

*<\/span><\/span>See note below **<\/span><\/span><\/td>\n<\/tr>\n

Tax rate<\/span><\/span><\/span><\/td>\nFlat (35%)<\/span><\/span><\/span><\/td>\nFlat (35%)<\/span><\/span><\/span><\/td>\nFlat (35%)<\/span><\/span><\/span><\/td>\nProgressive (up to 55%)<\/span><\/span><\/span><\/td>\n<\/tr>\n
Elections<\/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)<\/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<\/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<\/span><\/span><\/span><\/td>\nNone<\/span><\/span><\/span><\/p>\n

** Note that President Obama\u2019s\u00a0approved\u00a0 a $5 million dollar exemption, while all Republican presidential candidates favor repeal of estate tax.<\/td>\n<\/tr>\n

Gift Tax<\/span><\/span><\/strong><\/strong><\/td>\n<\/tr>\n
Exemption amount<\/span><\/span><\/span><\/td>\n$1.0 million<\/span><\/span><\/span><\/td>\n$5.0 million (plus, if elected, the “deceased spousal unused exclusion amount”)<\/span><\/span><\/span><\/td>\n$5,120,000 (plus, if elected, the “deceased spousal unused exclusion amount”)<\/span><\/span><\/span><\/td>\n$1.0 million<\/span><\/span><\/span><\/p>\n

See note above.<\/td>\n<\/tr>\n

Tax rate<\/span><\/span><\/span><\/td>\nFlat (35%)<\/span><\/span><\/span><\/td>\nFlat (35%)<\/span><\/span><\/span><\/td>\nFlat (35%)<\/span><\/span><\/span><\/td>\nProgressive (up to 55%)<\/span><\/span><\/span><\/td>\n<\/tr>\n
Generation-Skipping Transfer Tax<\/span><\/span><\/strong><\/strong><\/td>\n<\/tr>\n
Exemption amount<\/span><\/span><\/span><\/td>\n$5.0 million<\/span><\/span><\/span><\/td>\n$5.0 million<\/span><\/span><\/span><\/td>\n$5,120,000<\/span><\/span><\/span><\/td>\n$1.0 million<\/span><\/span><\/span><\/p>\n

See note above.<\/p>\n

(indexed from 1997)<\/td>\n<\/tr>\n

Tax rate<\/span><\/span><\/span><\/td>\nZero<\/span><\/span><\/span><\/td>\nFlat (35%)<\/span><\/span><\/span><\/td>\nFlat (35%)<\/span><\/span><\/span><\/td>\nProgressive (up to 55%)<\/span><\/span><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

* Note the evolution of estate tax exemption amounts: $161,000 in 1980; $225,000 in 1982; $275,000 in 1983; $325,000 in 1984; $400,000 in 1985; $500,000 in 1986; $600,000 from 1987 – 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; $5,000,000 in 2010-2011.<\/span><\/strong><\/p>\n

Copyright 2012 Phillips Law Offices, A Professional Corporation<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 2010 2011 2012 2013 Estate Tax Exemption amount * $5.0 million * $5.0 million * $5,120,000 * $1.0 million *See note below ** Tax rate Flat (35%) Flat (35%) Flat (35%) Progressive (up to 55%) Elections Can elect out of estate tax, but \u00a71022 carryover basis will apply ($1.3 million “free-basis” + $3.0 million … Continue reading Chart of current and historical estate tax exemptions, gift tax exemptions, and GST exemptions<\/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-266","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\/266","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=266"}],"version-history":[{"count":2,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/266\/revisions"}],"predecessor-version":[{"id":1148,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/posts\/266\/revisions\/1148"}],"wp:attachment":[{"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/media?parent=266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/categories?post=266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pleasantonestateplanninglawyer.com\/blog\/wp-json\/wp\/v2\/tags?post=266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}