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| Transfer Tax Exemptions and Rates | ||||||||||
| Year | Estate and GST tax exemptions[1] | Gift tax | Highest estate, GST and gift tax rate | |||||||
| 2008 | $2 million | $1 million | 45% | |||||||
| 2009 | $3.5 million | $1 million | 45% | |||||||
| 2010 | (repealed) | $1 million | 35%[2] | |||||||
| 2011 | $1 million[3] | $1 million | 55%[4] | |||||||
| [1] Less any gift tax and GST tax exemptions, respectively, used during life. | ||||||||||
| [2] Gift tax only. Equal to highest marginal income tax rate, which is currently 35%. | ||||||||||
| [3] The GST tax exemption is adjusted for inflation. | ||||||||||
| [4] Reverts to 2001 rules. The benefits of the graduated estate and gift tax rates and exemptions are phased out for estates and gifts over $10 million. | ||||||||||
| Source: U.S. Internal Revenue Code | ||||||||||