The current exemption is $675,000.  So that means that the first $675,000 of an estate is tax free.  Anything over that is taxed at 55%, but you are allowed deductions such as debts, probate fees, funeral expenses, and any state estate or inheritance taxes.  So the effective rate will be a little lower.  The increase to $1 million will not take effect until 2006.  This is very basic information, estate planning should be handled by a professional to minimize the tax liability.  Obviously, if the estate is not worth much money, then no taxes will be owed.  I'm sure these professionals are highly compensated because they have the ability to save millions of dollars to some of their clients.

Chris loves it when you are at his games.  He was pretty proud of his play at second base.

D

 -----Original Message-----
From: 	"Darnell" <dmoore21@charter.net>@ENRON  
Sent:	Wednesday, October 17, 2001 8:51 AM
To:	Giron, Darron C.
Subject:	taxes


Hello Son,
 
Glad to have spent some time with you and yours last night.  I love to  see how you interact with your kids. Can you find out for me what is the current  max for no tax on inherited estate?  It used to be $600,000 or so...but I  don't it is increasing year by year to $1million.  Have no idea where to  find this.  Thanks .MOM
 

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