Phillip G. Sinclair

Certified Public Accountant
310 North First
Longview, Texas 75601
Fax 903-753-5982


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Gift and Estate Taxes

Under current estate and gift tax laws, if the gross estate of a U.S. citizen or resident decedent exceeds certain amounts, generally the estate is required to file an estate tax return, and the Federal and State governments will tax the taxable portion of the estate.

Under current law, the exempt estate varies based upon the year the decedent passed away. These amounts are as follows:

Year of Death
Filing Requirement
Prior to 1998
$ 600,000.
2000 And 2001
2002 And 2003
After 2005

Note that in measuring the decedent's gross estate, life insurance owned by the decedent is included as well as adding back any gifts made within three years of the decedent's death.  Proper planning is esential to minimize the tax burden placed on a decedent's survivors. With proper planning and correctly executed wills, a married couple can have a joint estate worth twice the above amounts and generally not be required to pay any estate taxes. Without proper planning and correctly executed wills, the tax burden could be devastating to the survivors.

We can help you plan your estate needs to minimize estate taxes.  Call us at the above number to schedule an appointment or email me at the link below.

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Last Updated 05/29/2000