What the Relief means in 2011 and 2012: 1. The first $5,000,000.00 of the value of each estate is exempt from Federal Estate Tax. 2. There is a cost of living adjustment that could increase the $5,000,000.00 exempt value in 2012. 3. Surviving spouse may be able to use the unused exclusion amount of their deceased spouse (Would be able to use full $10,000,000.00 exemption between the two estates). 4. Maximum Estate tax rate is 35%. 5. Restores the basis of estate assets to date of death values. 6. Gift tax exclusion amount will also be $5,000,000.00 and the gift tax rate will be 35%. 7. Will be able to use the exclusion when figuring either gift taxes or estate taxes. In 2013 we go back to a $1,000,000.00 exemption, a top rate of 55% and more drama.