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Bush and a bipartisan bloc in Congress hope to lay the tax to rest by 2009. Utilizing life insurance and taking financial planning steps with U. The estate tax has been repealed for 2010 and the highest gift tax rate will be decreased to 35 percent for 2010. Like the examples above, life insurance is often a large portion of a person's estate. Like income tax, there are credits and exclusions; but the gift and estate taxes are based on credits and exclusions over the taxpayer's life. Citizens and Other Persons Permanently Residing in the U. Estate Tax Life Time Exemption Equivalent for Non-U. If you give someone money or property during your life, you may be subject to federal gift tax. Family limited partnership or family limited liability companies. Restructuring and owning property in a fashion so that it is not U. No tax payable by the person receiving your gift or estate.
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