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Nadine Catalfimo, Esq.
300 Brickstone Square, Suite 201
Andover, MA  01810
(Map Directions)
 
also in NH...

P.O. Box 499
No. Salem, NH  03073-0499
(Map Directions)
 
Website:  www.MA-NHEstateLaw.com   
 
Direct Phone: 978-364-0805/603-952-4491
Fax: (978) 522-3705
 
Licensed in NH & MA
 
* * Quality services at reasonable rates * *

PhonePhone:978-364-0805/603-952-4491
Fax Fax: (978) 522-3705
WWW Link Atty Wordpress Law Blog
Email Email: ncatalfimo@MA-NHEstateLaw.com
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Current Tax Laws:

Estate, Gift and GST tax laws...

Federal legislation was enacted on December 17, 2010, changing the estate, gift and generation skipping transfer tax laws.  However, the new laws are in effect only until December 31, 2012.  The following are some important highlights of the changes in the tax laws:

Federal Estate Tax - A decedent dying in 2011 and 2012 receives a $5 million federal estate tax exemption ($10 million for married couples).  Estates that exceed the $5 million exemption will be subject to a 35% federal estate tax rate.

Portability - Under the new laws, the $5 million exemption is portable between spouses.  Thus, if one spouse dies and does not utilize all of his or her exemption, the surviving spouse’s estate may elect to utilize the unused portion of his or her spouse.

Gift Taxes in 2011 and 2012 - The exemption was increased to $5 million for gifts made in 2011 and 2012.  In excess of the exemption, the tax rate of 35% applies.

Annual Gift Tax Exclusion Amount – it remains at $13,000 per donee per year.

Generation Skipping Tax - in 2011 and 2012, the GST exemption is $5 million and the tax rate is 35%.

Step Up in Basis - Under the new laws, heirs may inherit assets with a step up in basis equal to the fair market value of assets as of a decedent’s date of death.  This is important for capital gains tax upon the sale of an asset inherited by a beneficiary.

2013 – What Happens Then? - Without new federal legislation enacted by December 31, 2012, GST tax will revert to a $1 million exemption and 55% tax rate.  Also, the gift tax exemption amount will revert to a $1 million exemption.  Further, the federal estate tax will revert back to a $1 million exemption and a top tax rate of 55%..