After a one year delay, Congress finally passed new estate tax legislation. Effective for the years 2011 and 2012, the Federal Estate Tax and Generation Skipping Transfer tax Exclusion is Five Million Dollars.
In addition, a surviving spouse can shelter up to Ten Million Dollars from Federal Estate Tax due to the new “portability” rules. The maximum rate for the estate, gift and generation skipping tax is thirty-five percent (35%). (more…)