| Following is a summary of the new federal estate, gift and generation skipping tax changes that were enacted pursuant to the Economic Growth and Tax Relief Reconciliation Act of 2001: Year | Estate Tax Exemption (Creditor Shelter Amount) | Gift Tax Exemption | GST Exemption | Maximum Federal Estate, Gift and GST Tax Rate | 2001 | $675,000 | $675,000 | $1,060,000 | 55% | 2002 | $1,000,000 | $1,000,000 | $1,100,000 | 50% | 2003 | $1,000,000 | $1,000,000 | $1,100,000 May be increased By inflation index. | 49% | 2004 | $1,500,000 | $1,000,000 | $1,500,000 | 48% | 2005 | $1,500,000 | $1,000,000 | $1,500,000 | 47% | 2006 | $2,000,000 | $1,000,000 | $2,000,000 | 46% | 2007 | $2,000,000 | $1,000,000 | $2,000,000 | 45% | 2008 | $2,000,000 | $1,000,000 | $2,000,000 | 45% | 2009 | $3,500,000 | $1,000,000 | $3,500,000 | 45% | 2010 | Repealed | $1,000,000 | Repealed | Repealed for Estate and GST taxes 35% for Gift taxes. | 2011 | $1,000,000 | $1,000,000 | $1,060,000 indexed for inflation through 2011. | 55% |
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by Al P. Trebing & Associates. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
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