Changes to Estate and Gift Tax Exemptions

July 26, 2011

Starting this year, the Estate and Gift Tax Exemption is now $5 million dollars. However, this exemption is not automatic and requires the filing of a Federal Estate and Gift Tax Return (709) even if no tax is due. This exemption isn’t expected to last forever. In fact, it might end as soon as the end of 2012. If Congress or the President does not adjust exemptions and rates, the amount will drop to $1 million with rates up to 55 percent.

To learn more about the new Estate and Gift Tax Exemption, give Wallace & Associates a call today at .