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Federal Estate Tax Exclusion Increased for 2012
The $5,000,000 federal estate tax exclusion for 2011 and 2012, originally set at $5,000,000 for both years, has been adjusted to $5,120,000 for those dying in 2012. Although no tax is imposed on the estates of those who died in 2010, if the executor failed to file a timely return in 2011 which claimed the exemption, the estate is subject to taxation at the rate of 35%.
What does the future hold? If Congress fails to act, the exclusion is scheduled to revert to the 2003 level of $1,000,000 in 2013. Given the politically-charged nature of the tax, it is likely that Congress will take action regarding the 2013 exclusion, but it is probably unlikely to do so until after the November elections.
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