The uncertainty experienced several years ago with Federal Estate and Gift Tax rates and exemptions has been eliminated, at least for the foreseeable future. This allows for more certainty in establishing and estate plan that can eliminate, or at least minimalize, taxes that will be due upon death.

The Federal exemption is tied to inflation. For a person dying in 2015, the first $5.43 million of estate value will be exempt from Federal Tax. However, the exemption for Connecticut Estate Tax purposes in only $2 million.