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Estate & Gift Tax
There have been extensive changes to the estate
and generation-skipping transfer taxes, which are quite complex
and uncertain as they are currently written into law by Congress.
Here are some of the highlights:
- Exemption amount on estate tax will increase
from $1,000,000 to $3,500,000 by year 2009 and then be repealed
for ONLY one year, which is tax year2010
- Under new law, the estate tax would return in
year 2011 and have an exemption amount of only $1,000,000 and
a maximum tax rate of 55% if Congress does not address this
problem
- Exemption amount is $1,000,000 for gifts made
beginning in year 2002
- For gifts made in year 2010, the maximum gift
tax rate will be 35%
Maximum Rate of Tax
| Calendar Year |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
| Maximum Rate |
49% |
48% |
47% |
46% |
45% |
45% |
45% |
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2008 Sullivent Law Firm. A Professional Limited Liability Company |
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