<p>The following are some of the highlights of the estate tax law changes.</p>
<p><span style="text-decoration: underline;"><strong>Increase in Estate Exemption</strong></span></p>
<p>The old tax law increased the exemption from estate taxes for persons dying  after 2001. The increases are phased in over a ten year period. The new tax law increased the exemption for 2011 and 2012.  The new  exemptions amounts are:</p>
<p>2000 - 2001               $675,000<br />2002 - 2003             $1,000,000<br />2004 - 2005             $1,500,000<br />2006 - 2008             $2,000,000<br />2009                       $3,500,000<br />2010                        No Tax <br />2011 - 2012             $5,000,000<br />2013                       $5,000,000 (Permanent)*</p>
<p>*Exemption amount will be adjusted for inflation.</p>
<p><span style="text-decoration: underline;"><strong>Increase in Annual Gift Tax Exemption</strong></span></p>
<p>The annual gift tax exclusion is currently $14,000 per year and will be indexed to inflation and increased in $1,000 increments.</p>