QUESTION
Has the limit for Estate Tax been reduced to 1,000,000 for deaths in 2013?
Asked on Sep 16th, 2013 on Estate Planning - Washington
More details to this question:
I have read conflicting articles, one states $5,200,000 at 35% rate, the other one any assets over $1,000,000. are taxed at 55%.
14 ANSWERS
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You will have to look it up in Title 26 of the United States Code.
Answered on Oct 31st, 2013 at 3:42 AM
Probate Attorney serving St. Louis, MO
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Edward L. Armstrong, P.C.
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The current Federal Estate Tax Exemption is currently $5,250,000. The original exemption was $5 Million and it has been indexed for inflation. The Exemption may be used against any of the transfer taxes (Estate, Gift, Generation Skipping).
Answered on Sep 20th, 2013 at 1:33 PM
Trusts Attorney serving Sacramento, CA
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Law Office of Victor Waid
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The $5.2 million is correct for exemption at the federal level.
Answered on Sep 17th, 2013 at 7:10 PM
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It is 5.2M
Answered on Sep 17th, 2013 at 6:30 PM
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Assuming no taxable gifts have been made, $5,250,000 may pass estate tax free upon the death of a decedent in 2013. This information is only intended to give general information in response to an inquiry. It does not establish an attorney client relationship. This response is only based upon the limited facts presented and is merely intended to assist you in determining if you should contact an attorney to provide you with legal advice.
Answered on Sep 17th, 2013 at 6:30 PM
Probate Attorney serving Newport, OR
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Minor, Bandonis & Haggerty P.C.
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There is an Oregon estate tax with a $1 million lifetime exemption, but the rate for that is 9% to 15%. Because of the way Congress kept extending tax changes a year or two at a time, there have been several years in the near past where the estate tax would revert to year 2000 levels ($1 million exemption) if there were no action; but that didn't happen. I don't believe there has ever been a situation where the 55% rate would kick in right at $1 million.
Answered on Sep 17th, 2013 at 6:29 PM
The estate tax exemption for 2013 is $5,250,000 and is scheduled to increase again in 2014.
Answered on Sep 17th, 2013 at 6:29 PM
Probate Attorney serving Palatine, IL
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Law Offices of Robert H. Glorch
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For 2013, the Federal Estate Tax exemption is $5.25 million and the rate is 40%.
Answered on Sep 17th, 2013 at 6:29 PM
Real Estate Litigation Attorney serving Santa Ana, CA
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Gregory L. Bosse
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The basic federal estate-tax exclusion amount for estates of people who die in 2013 is $5,250,000, the Internal Revenue Service announced recently, up from $5,120,000 in 2012. The federal estate-tax exclusion now is set permanently at $5 million and is indexed for inflation. But because of inflation, the amount for 2013 works out to $5,250,000. The federal gift and generation-skipping transfer 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. Transfers from one spouse to the other typically are tax-free. California has no estate tax.
Answered on Sep 17th, 2013 at 11:30 AM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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It may depend on the state you are in. There is no federal estate tax on an estate less than $5.25 million. That may be reduced by gifts made during the person's lifetime. There is no estate tax in Idaho. You really need to consult with a local estate planning attorney to help you figure this out for you.
Answered on Sep 17th, 2013 at 11:30 AM
Elder Law Attorney serving Auburn Hills, MI
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Byers & Goulding, P.L.C.
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The estate tax exclusion amount is $5,250,000 for 2013.
Answered on Sep 17th, 2013 at 11:30 AM
Probate Attorney serving New Orleans, LA
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James G. Maguire
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Federal estate tax exemption is presently just above $5 million.
Answered on Sep 17th, 2013 at 11:29 AM
Business Planning Attorney serving Livonia, MI
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Frederick & Frederick Attorneys at Law
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The exemption amount is $5,250,000 for 2013 and will be indexed for inflation, in future years.
Answered on Sep 17th, 2013 at 11:29 AM
Thomas Edward Gates
The federal estate tax is $5.2M.
Answered on Sep 17th, 2013 at 11:29 AM