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The Federal Estate Tax can best be summarized as follows:
Federal Estate Tax Exemption
|
Before EGTRRA. |
After EGTRRA. |
| YEAR |
|
|
| 2004 |
$850,000 |
$1,500,000 |
| 2005 |
$950,000 |
$1,500,000 |
| 2006 |
$1,000,000 |
$2,000,000 |
| 2007 |
$1,000,000 |
$2,000,000 |
| 2008 |
$1,000,000 |
$2,000,000 |
| 2009 |
$1,000,000 |
$3,500,000 |
| 2010 |
$1,000,000 (if sunsets) |
Unlimited (subject to phase back to Before EGTRRA
in 2010) |
I have set forth below my Asset Summary.
This is a great starting place to determine your total assets in relation
to the current Federal Estate Tax.
When your return is completed your assets are completed on a schedule.
For example, Pennsylvania's Inheritance Tax Return (Form 1500) has the
following schedules:
Cover Sheet
Schedule A: Real Estate
Schedule B: Stocks & Bonds
Schedule D: Mortgages and Notes Receivable
Schedule E: Cash, Bank Deposits and Miscellaneous Personal Property
Schedule F: Jointly Owned Property
Schedule G: Transfers
Schedule H: Funeral Expenses, Administrative Costs and Miscellaneous
Schedule I: Debts of the Decedent
Schedule J: Beneficiaries
Schedules K, L, M: Life Estates, Remainders, Future Interests
Schedule N: Spousal Poverty Credit
Schedule O: Transfers to Surviving Spouse
Yahn - Pennsylvania Bar Institute Materials
Funding the Marital Trust - Which Funding
Formula (for Tax Purposes)?
Economic Growth and Tax Relief Reconciliation
Act - 2001
Yahn - Pennsylvania Institute of Certified Public
Accountants - CPA Materials
Business Succession and the Estate Tax
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