Federal and State Estate and Gift Tax Exemptions and Rates

                                                                       Exemptions

Year

Old Fed Estate/Gift Tax Exemption & MN Exemption

Fed Estate Tax Exemption

Federal Gift Tax Exemption

MN Gift Tax Exemption

Fed GST Tax Exemption

Gift Tax Annual Exclusion

2001

$675,000

$675,000

$675,000

 

$1,060,000

 

2002-2003

$700,000

$1 million

$1 million

 

$1,100,000

 

2004

$850,000

$1.5 million

$1 million

 

$1.5 million

 

2005

$950,000

$1.5 million

$1 million

 

$1.5 million

 

2006-2008

$1 million

$2 million

$1 million

 

$2 million

 

2009

$1 million

$3.5 million

$1 million

 

$3.5 million

 

2010

$1 million

Estate Tax repealed OR $5 million*

$1 million

 

GST Tax Repealed

 

2011

$1 million

$5 million portable

$5 million portable

 

$5 million
not portable

 

2012

$1 million

$5,120,000 portable

$5,120,000 portable

 

$5,120,000 not portable

 

2013

$1 million

$5,250,000 portable

$5,250,000 portable

Repealed

$5,250,000 not portable

$14,000

2014

$1.2 million not portable

$5,340,000 portable

$5,340,000 portable

Repealed

$5,340,000 not portable

$14,000

2015

$1.4 million not portable

$5,430,000 portable

$5,430,000 portable

Repealed

$5,430,000 not portable

$14,000

2016

$1.6 million not portable

$5,450,000 portable

$5,430,000 portable

Repealed

$5,450,000 not portable

$14,000

2017

$1.8 million not portable

 

 

 

 

 

2018

$2 million
not portable

 

 

 

 

 

 

                                                                         Tax Rates

Year

Top Fed
Estate Tax Rate

Top Fed
Gift Tax Rate

MN Gift Tax

2001

55%

55%

 

2002

50%

50%

 

2003

49%

49%

 

2004

48%

48%

 

2005

47%

47%

 

2006

46%

46%

 

2007

45%

45%

 

2008

45%

45%

 

2009

45%

45%

 

2010

35%*

35%

 

2011-2012

35%

35%

 

2013-2016

40%

40%

10% - Repealed

In addition, the 5% surtax on estates over $10 million was repealed in 2002. *Default is $5M exemption unless executor elects out of estate tax regime.

Tags: Document: