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Federal Estate Tax Archives

The $5.12 Million Gift Tax Exemption - Use It or Lose It

The 2010 Tax Act created significant but temporary reductions in estate and gift taxes. The estate and gift tax exemption amount of $5.12 million plus lower tax rates have created opportunities for individuals to transfer wealth and save thousands or even millions of dollars in taxes - but only through December 31, 2012. By its terms, the 2010 Tax Act will sunset after December 31, 2012, the estate and gift tax exemption is scheduled to revert to $1 million on January 1, 2013 and the maximum estate tax rate will increase from 35% to 55%. What Congress does after that date is anybody's guess. It is impossible to predict.

Marital Deduction Portability

Senate Finance Committee Chair Max Baucus (D-MT) introduced the Taxpayer Certainty and Relief Act of 2009 on March 26, 2009. The tax bill includes a $2.3 trillion middle class tax cut package and also creates a freeze on estate tax rates and major estate planning modifications.  Read Greg Herman-Giddens blog post about it here.

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
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