Updated January 1, By far the most misunderstood tax that I find in my estate planning practice is the U.S. federal gift tax. Many people do. NASAA Series Section 13 Estate and Gift Taxes. In this section unified estate and gift tax, tax credit, and exclusions and marital deduction. Generation-skipping transfer tax facts. Non-US citizens may be subject to US estate and gift taxation. If you fit into this category, do you understand the. If your gifts exceed the lifetime exclusion, the applicable tax rate tops out at a walloping 40 percent for estates of this value as of. Estate and Gift Taxes. Estate Tax The estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have Estate Tax · Frequently Asked Questions · What's New - Estate and Gift Tax. The federal estate tax exemption rises to $ million per person for , but the annual gift exclusion amount stays at $.