Posted By:
Jim VBYou probably should not give tax advice.
The current Estate Tax Exemption is NOT $600,000. It's $2,000,000. It goes to $3.5 million in 2009, becomes unlimited in 2010, and reverts to $1.0 million in 2011, when the current law expires. It has not been $600,000 since the year 2000.
Year Exclusion Amount
2001 $675,000
2002 $1 million
2003 $1 million
2004 $1.5 million
2005 $1.5 million
2006 $2 million
2007 $2 million
2008 $2 million
2009 $3.5 million
2010 repealed
2011 $1 million
Always, consult a tax advisor/CPA not a Baseball card message board.