Summary of Estate Tax Legislation Heading to President for Signature

Summary

2010

Estate Tax
Exclusion amount

$5,000,000

Maximum tax rate

35%

Carryover basis

Option to elect carryover basis instead of estate tax

Gift Tax
Exclusion amount

$1,000,000 (no change)

Maximum tax rate

35% (no change)

2011-2012

Estate Tax
Exclusion amount

$5,000,000

Maximum tax rate

35%

Gift Tax
Exclusion amount

$5,000,000

Maximum tax rate

35% (no change)