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  • 2010 Tax Act Article - Robert J. Kolasa March 2011

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    An analysis of the estate tax provisions contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Until 2013, this Act generally freezes the federal estate and gift tax exclusions at $5 million and adopts the convention of estate tax portability.

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    2010 Tax Act Article.Robert J. Kolasa March 2011

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    An analysis of the estate tax provisions contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Until 2013, this Act generally freezes the federal estate and gift tax exclusions at $5 million and adopts the convention of estate tax portability.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    1K views6 pages

    2010 Tax Act Article - Robert J. Kolasa March 2011

    Uploaded by

    robertkolasa
    An analysis of the estate tax provisions contained in the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Until 2013, this Act generally freezes the federal estate and gift tax exclusions at $5 million and adopts the convention of estate tax portability.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    of 6

    SEE LAST PAGE OF ARTICLE FOR TABLE

    TABLE ESTATE & GIFT TAX RATES & EXCLUSIONS

    ESTATE & GIFT TAX RATES & EXCLUSIONS (old law) 2010 Top Estate/Gift Rate Federal Estate Tax Exclusion Carryover Basis 45% Tax Repealed YES (new law) 2010 35% $5 Million Elective with Estate Tax Repeal $5 Million $5 Million (& 0% Rate) N/A (new law) 2011-2012 35% $5 Million* N/A (Sunset) 2013 55% $1 Million N/A

    Gift Tax Exclusion GST Tax Exclusion & Rate Spousal Exclusion (Estate Tax Portability) Illinois Estate Tax Exclusion *Indexed for Inflation

    $1 Million Tax Repealed N/A

    $5 Million* $5 Million* (35% Rate) $5 Million* (maximum) $2 Million

    $1 Million $1.4 Million* (55% Rate) N/A

    Tax Repealed

    Tax Repealed

    $2 Million

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