Important Tax Alert


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.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

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.

© McNees Wallace & Nurick LLC | Attorney Advertising

Written by:


McNees Wallace & Nurick LLC on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.