Annual Gift Tax Exclusion to a Noncitizen Spouse = $147,000 Applicable Estate, Gift, and GSTT Tax Exclusion Amount = $5.43 Million Highest Marginal Estate, Gift, and GSTT Tax Rate = 40% Portability provision = permanent for married couples; made in 2010 Most states do not have estate taxes; states that have the estate taxes, most likely its lower than $5.43 million. Its the estate that is getting taxed, not the individual Just because something avoids probate, it doesnt mean it avoid federal estate taxes. Estate tax = know what goes into each step Gross estate what is included in ones gross estate o Property interest owned by decedent at death Sec. 2033 all property in which the decedent had an interest in at death in the US or foreign countries.
Adjusted gross estate what is included in ones adj. gross estate