For your information below is the Unified Estate Tax Rate Schedule, and the list of Estate Tax Exemptions and the Generation Skipping Tax Exemptions.

For the year 2010, estates are exempt from Estate Taxes. For the years 2011 and 2012, the Tax Rate is set at the 5,000,000.00 exemption level with the estate being taxed at 35% of value over the 5,000,000.00 exemption cut off. You will pay thirty-five cents on every dollar of estate value over the exemption.

In 2013, the current Administration has reduced to the Estate Tax Life Time Exemption to 1,000,000.00 and increased the 35% to 55% on the amount of excess, or put plainly, you keep no more than forty-five cents on each dollar of the decedent's estate after the first 1,000,000.00.

The federal estate tax is an excise tax imposed on the transfer of property from a decedent and is based on the net sum of the decedent's estate, that is the gross estate value less allowable deductions. The Federal Estate Tax return when required must be filed within nine months of the decedent's death or an extension requested to avoid a serious penalty of five (5%) percent per month. Interest in the amount due is changed calculated from the beginning of the tenth month after death.

Estate Exemption Per Person and Estate Tax

Calendar Year	Exemption	GST Exemption	Estate Tax
2001 (old law)	$650,000.00	$1,060,000.00	55%
2002	$1,000,000.00	$1,100,000.00	50%
2003	$1,000,000.00	$1,120,000.00	49%
2004	$1,500,000.00	$1,500,000.00	48%
2005	$1,500,000.00	$1,500,000.00	47%
2006	$2,000,000.00	$2,000,000.00	46%
2007	$2,000,000.00	$2,000,000.00	45%
2008	$2,000,000.00	$2,000,000.00	45%
2009	$3,500,000.00	$3,500,000.00	45%
2010	Estate Tax Repealed	No Death Tax	Estate Tax Repealed
2011 ** 2012 ** 2013 Reverts to	$5,000,000.00 $5,000,000.00 $1,000,000.00	$5,000,000.00 $5,000,000.00 $1,000,000.00	35% 35% 55%

**Special Portable Application. The estate tax exemption's are portable so that when one spouse dies, the unused amount can go to the surving spouse for use at his or her death.