<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  new tax law increased the exemption from estate taxes for persons dying  after 2000. The increases are phased in over a ten year period. The new  exemptions amounts are:</p>
<p>2000 - 2001 $675,000</p>
<p>2002 - 2003 $1,000,000</p>
<p align="left">2004 - 2005 $1,500,000</p>
<p>2006 - 2008 $2,000,000</p>
<p>2009 $3,500,000</p>
<p>2010 $3,500,000*</p>
<p>*It is anticipated that the U.S. Congress will change this to the 2009 exemption in 2010.</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 $13,000 per year and will be indexed to inflation and increased in $1,000 increments.</p>