Important Tax Alert

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As of January 1, 2011, the federal estate tax came back into full effect with a $5 million exclusion. At the same time, the exclusion from federal gift tax was raised to $5 million so that the exclusions are once again unified. The result of this is that each person may transfer during his life or at his death a total of $5 million before tax is imposed. Estate Tax will be imposed on transfers in excess of $5 million, at a flat 35% tax rate. As in the past, there are deductions for certain transfers to spouses and charitable organizations.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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