The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) increased the unified credit, i.e. the amount of a decedent’s assets which are exempt from federal estate tax.  For the year 2010, the federal estate tax is abolished.  The exclusion amounts are as follows:   

      

Year of Death  Exclusion Amount

2001

$675,000

2002 & 2003
1,000,000
2004 & 2005
1,500,000
2006, 2007 & 2008
2,000,000
2009
3,500,000
2010 & 2011 5,000,000
2012 5,120,000
2013 5,250,000
2014 5,340,000

                

  Rev. 4\14