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Estate Tax exemption for 2015
The basic federal estate-tax exclusion amount for estate of people who die in 2015 is $5,430,000, up from $5,340,000 in 2014. The federal estate-tax exclusion now is set permanently at $5,000,000 and is indexed for inflation.
The federal gift and generation-skipping transfer tax exemption is the same as the estate tax exclusion. The top federal estate-tax exemption is the same as the estate-tax exclusion amount. The top federal estate-tax rate on the largest estates is now 40%, up from 35% in 2012. Under the law passed at the end of 2012, "Portability" has been made permanent. Portability effectively makes the federal estate-tax exclusion amount 'portable' between a husband and wife. When one spouse dies, the other typically can receive the deceased spouse's unused exemption amount without initiating a taxable event.
The annual gift exclusion for 2015 remains at $14,000.
NOTE: this material does not address state estate taxes - you must check the laws in your state - or of the state in which your prospect claims their permanent residency.
|Year||Estate Tax Exemption||Top Estate Tax Rate|
|2010||$5,000,000 or $0||35% or 0%|