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Trust Glossary

Estate Tax Exemption - The aggregate value of assets, currently $1,000,000, that may pass estate or gift tax free. The applicable exclusion amount for estate tax purposes will increase over time, the next time being in 2007, to $2,000,000, while the applicable exclusion amount for gift tax purposes will remain at $1,000,000.


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The content in this glossary is general in nature and is intended for informational purposes only. It is not intended to provide specific advice or recommendations for any individual or organization, because the facts and circumstances surrounding each situation differ. Please consult your attorney, tax advisor or other professional advisor for advice on your particular situation.






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