Estate Tax Exclusion is $5 million per person
For 2011 and 2012, the estate tax exclusion will be $5 million per person and $10 million per couple. It appears that the new law also allows for the exemption to apply to anyone who died in 2010 if the estate wants to have the step up in basis. It appears also that one spouse can use another spouses exemption to some extent in a portability provision. More information to come.