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what is the 2011 estate tax exemption Is is $1 million or…

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what is the 2011 estate...
what is the 2011 estate tax exemption? Is is $1 million or $3.5 million exemption. I have read both. And what is the RATE FOR 2011?
THANKS JEAN
Submitted: 8 years ago.Category: Estate Law
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Answered in 5 minutes by:
6/11/2010
Estate Lawyer: Roger, Attorney replied 8 years ago
Roger
Roger, Attorney
Category: Estate Law
Satisfied Customers: 31,954
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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It is $1 million for 2011.
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Customer reply replied 8 years ago

Excuse my venting but that is awful..what extremes..3.5 to 1 exemption..what major differences in life styles..one could experience with 3.5 vs.1...This tax is so totally unfair anyway...how does one plan...if it is only 1 million being exempted then one should probably give away many $13,000. Can my dad estate give $13 to a few family members and then ask them to give back to me? wILL THE CONGRESS OR SENATE DO ANYTHING ABOUT THIS?

Estate Lawyer: Roger, Attorney replied 8 years ago

It is awful that they fluctuate the exemptions. This started back in the early 2000's, with the exemptions cresting in 2008-2009.

 

His estate can gift away some of the money, however my guess is that there are caps on this giving. I'm not a CPA, so I don't know what those limits are.

 

My best advice is that you consult a CPA to help reduce any tax liability the estate may have.

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