See "Federal Estate Tax Exemption".

A federal tax credit allowed to each U. S. citizen or resident against tax, imposed on lifetime gifts (federal gift tax) or against tax, imposed on testamentary transfers of assets (federal estate tax).

a credit against the federal gift and estate taxes available to all taxpayers; beginning in 2004, the gift tax unified credit amount differs from the estate tax unified credit amount

A credit that may be applied against an individual's gift or estate taxes. The unified credit will increase in gradual steps until it eventually exempts an estate valued up to $3,500,000 from federal estate taxes in 2009.

A federal tax credit that offsets gift-tax and estate-tax liability. The unified credit is being increased gradually from $192,800 in 1997 to $345,800 in 2006, which is equivalent to a combined gift- and estate-tax exclusion of $600,000 in 1997 to $1 million in 2006.

An amount up to $600,000 in assets that every taxpayer is allowed to exclude from the estate and gift tax.

A credit for a portion of estate tax due on taxable estates. Everyone is allowed one unified credit. In 2004, the credit for gifts is $345,800 eliminating the tax liability on a $1,000,000 while the credit for testamentary bequests is $558,000 or a taxable equivalent of $1,500,000.

An estate and gift tax credit which permits the transfer of assets free of federal estate and gift tax. In accordance with the Taxpayer Relief Act of 1997, the asset credit amount gradually increases so that by the year 2006 the first $1 million of an estate will be excluded from taxation.

An estate tax credit equal to $220,550, which ultimately allows an exemption from tax property transfers of up to $675,000. The Taxpayer Relief Act of 1997 replaced the $192,800 unified credit with the applicable exemption amount and corresponding applicable credit amount.

Every taxpayer is allowed to exclude from estate and gift tax a certain amount of transfers. This amount will change from year to year. Check with your estate planner to find out what the current amount is.

The amount each person is allowed to deduct from any federal estate taxes owed after death. In 2002 and 2003, the credit is $345,800, which is the amount of estate taxes owed on the first $1 million in assets.

A federal exemption from federal estate taxes that every person is entitled to obtain. Currently the value of the Unified Credit is $675,000 in 2001 and increases to $1 million in 2002. A Credit Shelter Trust is designed to make maximum use of this unified credit to shelter up to $2 million in 2002 of assets of a husband and wife from federal estate taxes and by doing so, save in estate taxes. The tax credit can be applied toward gifts and that part of the remaining unified credit not used during a person's lifetime can be used for estate taxes.

The cumulative amount of property that can be transferred during lifetime and at death before any federal gift or estate tax will be payable (currently $600,000).

A credit used to offset estate and/or gift taxes up to stated limits. The amount of the credit for 1998 is equal to $202,050. This will offset $625,000 of estate and/or gift taxes. The credit is scheduled to increase reaching $1,000,000 in 2006.

A federal tax credit that offsets gift-tax and estate-tax liability. The unified credit is being increased gradually from $220,550 in 2001 to $345,800 in 2006, which is equivalent to a combined gift- and estate-tax exclusion on $675,000 in 2001 to $1 million in 2006.

A one-time credit, usually applied against Federal Estate Taxes, that is available to every individual's estate. The credit also can be used for payment of Federal Gift Taxes during that individual's lifetime.

A dollar figure that is a credit against the federal estate and/or gift tax.

The credit allowable against the tentative tax due on lifetime and deathtime transfers. Use of available credit reduces amount of credit available for subsequent transfers.

A federal tax credit which offsets gift-tax and estate-tax liability. In 1999 the tax credit is equivalent to the estate tax on $650,000 of assets and is being increased annually to cover assets of $1 million in 2006.

A credit of a specified dollar amount allocated to each taxpayer that may be used to offset gift and estate taxes that would otherwise be owed.

a federal tax credit used to reduce the federal gift and estate tax to be paid

A federal tax credit that offsets gift tax and estate tax liability. For gift tax purposes, the unified credit remains at $345,800 through 2009, which is equivalent to an applicable exclusion amount of $1 million. For estate tax purposes, the unified credit is being gradually increased from $555,800 in 2004 to $1,455,800 in 2009, which is equivalent to an applicable exclusion amount of $1.5 million in 2004 to $3.5 million in 2009.

A federal tax credit which offsets gift tax and estate tax liability. The unified credit is being increased gradually from $192,800 in 2000 to $345,800 in 2006, which is equivalent to a combined gift and estate tax exclusion of $675,000 in 2000 and $1 million in 2006.

The lifetime tax credit available to every U.S. resident (not limited to American citizens) as an offset against federal gift and/or estate taxes. While technically a credit, for discussion purposes estate planners usually talk in terms of the equivalent exemption (the "applicable exclusion amount" in the latest Code terminology). In 2001 it was $675,000; by 2009 the exemption will have risen to $3,500,000. In 2010, the Estate Tax is abolished. However, present law provides for the reinstatement of the Estate Tax in 2011.

A federal tax credit that offsets gift tax and estate tax liability. For gift tax purposes, the unified credit remains at $345,800 through 2009, which is equivalent to an applicable exclusion amount of $1 million. For estate tax purposes, the unified credit is $780,800 in 2006 through 2008, and $1,455,800 in 2009, which is equivalent to an applicable exclusion amount of $2 million in 2006 through 2008 and $3.5 million in 2009.

A tax credit applied to gift or estate taxes. The Tax Relief Act of 2001 changed the terminology to "applicable exclusion amount," and it is not unified anymore, because inheritances and gifts are treated differently after 2003.

A federal tax credit that offsets gift-tax and estate-tax liability. You owe no estate taxes in 2003 on the first $1,000,000 of your net estate. This amount increases in stages until it goes to $3.5 million in 2009. The tax is repealed in 2010, and returns at the 2002 level for deaths occurring in 2011 and thereafter. The tax rates start at 37% and are capped at 50%. The rates gradually drop to 45% in 2007-2009. The taxes must be paid in cash, generally within 9 months after your death.

Allows a person to give $600,000 either during life or at death. Many feel it makes sense to utilize the unified credit during life, as you then remove the future appreciation on that amount from the taxable estate.

For 2003, the unified credit is $345,800, which is equivalent to a deduction of $1,000,000 from a taxable estate. In 2004 and 2005, the credit is $555,800, which is equal to a deduction of $1,500,000.