Know all these basic numbers for Exam:

Annual Gift Tax Exclusion = $14,000

Annual Gift Tax Exclusion to a Noncitizen Spouse = $147,000
Applicable Estate, Gift, and GSTT Tax Exclusion Amount = $5.43
Million
Highest Marginal Estate, Gift, and GSTT Tax Rate = 40%
Portability provision = permanent for married couples; made in
2010
Most states do not have estate taxes; states that have the estate
taxes, most likely its lower than $5.43 million.
Its the estate that is getting taxed, not the individual
Just because something avoids probate, it doesnt mean it avoid
federal estate taxes.
Estate tax = know what goes into each step
Gross estate what is included in ones gross estate
o Property interest owned by decedent at death
Sec. 2033 all property in which the decedent had
an interest in at death in the US or foreign countries.

Adjusted gross estate what is included in ones adj. gross estate