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The Federal Estate Tax changed in the final weeks of 2010. Estate tax laws were modified by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“2010 Tax Relief Act”), which was signed into law on December 17, 2010. Some changes in the 2010 Tax Relief Act are retroactive to specifically affect decedents who died in 2010. No changes are retroactive going back beyond 2010.
Here’s the current federal estate tax table:
(TE = taxable estate = gross estate less
exclusions: m = million)
2008-1st $2 m of TE excluded,balance @ 45%
2009-1st $3.5m of TE excluded,balance @ 45%
2010-Executor has options – see below
2011-1st $5 m of TE...