Estate taxes

The exemption from the federal death tax as of 2008 is $2,000,000.00 per person. A properly drafted marital deduction revocable trust which is executed by spouses will qualify for the exemption for both spouses.

Currently, the exemption for a person who dies in 2009 is $3,500,000.00. Currently, the estate of a person who passes away in 2010 will have no estate tax liability at all. And, yes, in 2011, as it currently stands, a person would only have a $1,000,000.00 exemption. Confusing? That’s D.C. for you!

Disclaimer: Pursuant to recently-enacted U.S. Treasury Department Regulations, we are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.