01.01.2010 Federal Estate Tax Repeal in 2010
01. 2010The Federal estate and generation skipping transfer (“GST”) taxes were repealed on Jan. 1, 2010. In 2010, the Federal gift tax still applies, with a $1 million exemption and a 35 percent tax rate for cumulative lifetime taxable gifts in excess of that amount. In 2011, the Federal estate and GST taxes are revived (along with the gift tax) with a $1 million exemption and a 55 percent tax rate.
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