BETTEN, MURPHY & WEISS
Attorneys, PA
Brevard's Elder Law Firm
1800 Penn Street, Suite 6
Melbourne, FL 32901-2625
Phone (321) 676-2525
A Federal Estate Tax Return must generally be filed for the estate of every U.S. citizen or resident whose gross estate, taxable gifts, and specific exemptions exceed $1,000,000 for decedents dying in 2002 or 3, and according to the table below if dying in succeeding years.
The unified credit is available to offset both estate and gift taxes. Any part of the credit used to offset gift taxes is not available to offset estate taxes. As a result, although they are still taxable as gifts, lifetime taxable transfers no longer cushion the impact of progressive estate tax rates. Lifetime transfers and transfers made at death are combined for estate tax rate purposes.
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Additional considerations in Estate Planning with Minor Children!