Oregon’s estate tax exemption amount of only $1,000,000 was set in 2001 and is not pegged to inflation. So this exemption, and the marginal tax rates below, will be in effect until further revised or repealed by statute.
In 2011, Congress revised the federal estate tax rules, setting the individual lifetime combined estate and gift tax exemption at $5,000,000 (pegged to inflation). From 2013 to the present, any individual with a gross estate exceeding the exempt amount is taxed at a flat rate of 40%. Below is a list of the exemption amounts by year:
Additionally, the federal estate tax exemption is portable, meaning that married couples can claim a combined exemption of $23,160,000 in 2020; so long as certain administrative and tax procedures are followed when the first spouse passes away.
In 2020, any individual may give up to $15,000 to any other individual without having to file a gift tax return. Now you may make gifts above $15,000 in a year, but any amount above $15,000 will be deducted from your lifetime combined estate and gift tax exemption. In years prior this amount was $14,000.
Call (503) 641-6262 for your complimentary estate planning consultation.
10300 SW Greenburg Rd #500
Portland, OR 97223
Phone: (503) 641-6262
Fax: (503) 546-9724
