2009 increases in Federal Estate and Gift Tax exemption
The amount to leave without Federal Estate Tax is increased to 3,500,000 for 2009.
2009$ 3,500,00045%
2010 No estate tax if person dies in 2010 only, but 35% (gift taxes only) [2010 is best year for your rich uncle to pass away]
2011 $1,000,00055%
2012 -??? Waiting for Congress to decide Gift permitted without Federal Estate & Gift tax was increased to $12,000. The amount permitted for Medicaid transfers is zero.
For representation in Probate and Estate Administration, contact the Law Office of Kenneth Vercammen 732-572-0500 www.CentralJerseyElderLaw.com
What happens if you make a gift that exceeds $13,000 Or in the case of married couple the gift to one person exceeded $26,000?
ykltc 2 years ago
Your tax advice is great but you need to turn the microphone volume up higher. Very hard to hear you with such low volume. Happy tax season.
SaxManDanDotCom 2 years ago
Please note in your title that you are emphasing New Jersery tax law. 80% of what you said related to that state. Therefore this is an 80% waste of time for non-New Jersey taxpayers.
edspringer2 2 years ago