Estate Tax Hike

[Stosh]

What that exclusion means is if you give away more than $1 million during your life, you will have no exclusion from estate tax when you die. Lifetime gifts over $13,000/yr to an individual are subject either to gift tax when the gift is made or a reduction in the exclusion at death.

I don't think so.

For a person dying during 2006, 2007, or 2008, the "applicable exclusion amount" is $2,000,000, so if the sum of the taxable estate plus the "adjusted taxable gifts" made during lifetime equals $2,000,000 or less, there is no federal estate tax to pay

[Bearinabox]

Mitch Albom should really stick to describing attendees at sporting events who weren't actually there and writing cheesy schmaltz about dying college professors.

[jiminnm]

I don't think so.

That was then, this is now.
http://harborfi.typepad.com/tax/unde...-tax-laws.html

[Stosh]

That was then, this is now.
http://harborfi.typepad.com/tax/unde...-tax-laws.html

So what? Still isnt gonna matter. From YOUR link:

In addition to the $1 million lifetime federal gift tax exemption, you also have a $3.5 million federal estate tax exemption for 2009. You can leave up to that amount to relatives or friends free of any federal estate tax

[jiminnm]

So what? Still isnt gonna matter

Last I checked, it is no longer 2009, but 2010.

[Stosh]

Last I checked, it is no longer 2009, but 2010.

Last time I checked, you still aren't following the facts.

You still aren't gonna inherit a million dollars, and if you do THEN you will pay the tax.

[Jimaz]

That was then, this is now.
http://harborfi.typepad.com/tax/unde...-tax-laws.html

Okay, now that was a very helpful link. Thank you, jiminnm!

Of course no action will be taken without an attorney so all this is informal at this point.