Trusts to avoid probate and sometimes reduce NJ Estate Tax

Trusts to avoid probate and sometimes reduce NJ Estate Tax

Chart shows the key rates that will change between 2004 and 2010. 2004 Applicable Exclusion Amount - 1.5 Million Lowest Estate Tax Rate 45% Highest Estate Tax Rate 48% Lifetime Gifts Market Value Exemption - $1 Million Lowest Gift Tax Rate 41% Highest Gift Tax Rate 48% GST Exemption Amount Allowable - $1.5 Millio GST Transfer Tax Rate 48% 2005 Applicable Exclusion Amount - 1.5 Million Lowest Estate Tax Rate 45% Highest Estate Tax Rate 47% Lifetime Gifts Market Value Exemption - $1 Million Lowest Gift Tax Rate 41% Highest Gift Tax Rate 47% GST Exemption Amount Allowable - $1.5 Million GST Transfer Tax Rate 47% 2006 Applicable Exclusion Amount - 2 Million Lowest Estate Tax Rate 46% Highest Estate Tax Rate 46% Lifetime Gifts Market Value Exemption - $1 Million Lowest Gift Tax Rate 41% Highest Gift Tax Rate 46% GST Exemption Amount Allowable - $2 Million GST Transfer Tax Rate 46% 2007 Applicable Exclusion Amount - 2 Million Lowest Estate Tax Rate 45% Highest Estate Tax Rate 45% Lifetime Gifts Market Value Exemption -$1 Million Lowest Gift Tax Rate 41% Highest Gift Tax Rate 45% GST Exemption Amount Allowable - $2 Million GST Transfer Tax Rate 45% 2008 Applicable Exclusion Amount - 2 Million Lowest Estate Tax Rate 45% Highest Estate Tax Rate 45% Lifetime Gifts Market Value Exemption - $1 Million Lowest Gift Tax Rate 41% Highest Gift Tax Rate 45% GST Exemption Amount Allowable - $2 Million GST Transfer Tax Rate 45% 2009 Applicable Exclusion Amount - 3.5 Million Lowest Estate Tax Rate 45% Highest Estate Tax Rate 45% Lifetime Gifts Market Value Exemption - $1 Million Lowest Gift Tax Rate 41% Highest Gift Tax Rate 45% GST Exemption Amount Allowable - $3.5 Million GST Transfer Tax Rate 45% 2010 Applicable Exclusion Amount - Repealed Lowest Estate Tax Rate - Repealed Highest Estate Tax Rate - Repealed Lifetime Gifts Market Value Exemption - $1 Million Lowest Gift Tax Rate 35% Highest Gift Tax Rate 35% GST Exemption Amount Allowable - Repealed GST Transfer Tax Rate - Repealed 2011+ Applicable Exclusion Amount - 1.1 Million Lowest Estate Tax Rate 41% Highest Estate Tax Rate 55% Lifetime Gifts Market Value Exemption - $1.1 Million Lowest Gift Tax Rate 41% Highest Gift Tax Rate 50% GST Exemption Amount Allowable - $1.1 Million GST Transfer Tax Rate 55%