THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
Bulletin: NY000522
Bulletins by State or Territory
Bulletins by Country
Bulletin: NY000522
The following is a summary of Federal estate tax basic exclusions and maximum rates:
|
Tax Year |
Estate Tax Basic Exclusion |
Maximum Estate Tax Rate |
|
1997 |
$600,000 |
55% |
|
1998 |
$625,000 |
55% |
|
1999 |
$650,000 |
55% |
|
2000 |
$675,000 |
55% |
|
2001 |
$675,000 |
55% |
|
2002 |
$1,000,000 |
50% |
|
2003 |
$1,000,000 |
49% |
|
2004 |
$1,500,000 |
48% |
|
2005 |
$1,500,000 |
47% |
|
2006 |
$2,000,000 |
46% |
|
2007 |
$2,000,000 |
45% |
|
2008 |
$2,000,000 |
45% |
|
2009 |
$3,500,000 |
45% |
|
2010 |
$5,000,000 or Zero * |
35% or Zero * |
|
2011 |
$5,000,000 |
35% |
|
2012 |
$5,120,000 |
35% |
|
2013 |
$5,250,000 |
40% |
* The 2010 Tax Act gave estates of decedents dying in 2010 the option to choose between the revived estate tax and the prior (EGTRRA) tax law. These estates have the option to elect either: (1) the new estate tax, based upon the new 35% maximum rate and the $5 million exclusion, with a stepped up basis for property in the estate, or (2) no estate tax, and the required application of modified carryover basis rules under EGTRRA.
If you have any questions relating to this or other bulletins, please contact a Stewart Title Insurance Company Legal Services Representative at 212-922-0050.
References
- Bulletins Replaced:
- None
- Related Bulletins:
- Underwriting Manual:
- None
- Exceptions Manual:
- None
- Forms:
- None