Donald M. Thompson - Wills, Trusts, and Estate Planning

WILLS, TRUSTS, AND ESTATE PLANNING

Rates

Amount Subject to Tax Tax Rate in Bracket

$0 - 9,999
18

$10,000 - 19,999
20

$20,000 - 39,999
22

$40,000 - 59,999
24

$60,000 - 79,999
26

$80,000 - 99,999
28

$100,000 - 149,999
30

$150,000 - 249,999
32

$250,000 - 499,999
34

$500,000 - 749,999
37

$750,000 - 999,999
39

$1,000,000 - 1,249,000
41

$1,250,000 - 1,499,999
43

$1,500,000 - 1,999,999
45

$2,000,000+
48

The top rate will drop to 47% in 2005, 46% in 2006 and 45% in 2007 - 2009. The estate tax is repealed in 2010. In 2011 it comes back into effect at 2000 levels. The gift tax stays in effect in 2010 with a top rate of 35%.

NOTE: There currently is no Federal or state estate tax or generation skipping tax. The gift tax is still in effect. Whether or not the estate and generation skipping taxes will be reinstated this year is not known. Many people expect that they will be reinstated, but what will happen is not known. What the rates and exemptions will be if the taxes are reinstated is also not known. Click here for more.

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55 W. Monroe #3950; Chicago, IL 60603
Ph: 312-782-0844 * Fax: 312-201-1436 * Email: donthompsonlaw@sbcglobal.net
Illinois Estate Planning Lawyer Donald M. Thompson