Federal Estate and gift tax combined. A single exclusion amount applies to the sum of a person's lifetime - gift tax - and person's property at death- estate tax.
Federal Estate Taxes
In 2012, the exclusion amount is $5.1 million. For deaths in 2012, a person may transfers assets of up to $5.1 million without any Federal Estate Tax. The exclusion amount has changed dramatically over the previous decade and, as of this writing, it is unknown what the 2013 exclusion amount will be although the current laws has a sunset provision that should put some pressure on Congress to address the matter.
In 2012 only, spouses are able to to use any unused portion of the other spouse's exclusion amount for a total of $10.24 million. This called "portability."
In 2010, there was no Estate Tax or GST and the GST exclusion amount remained at $1million
In 2009, the exclusion amount was $3.5 million and the tax rate was 45% on that amount of the estate over $3.5 million for Estate and Generation Skipping Tax. In 2009, the amount of the assets is calculated based on the market value of the asset at the date of death. There was also a $1milllion exclusion amount for lifetime gifts.
New York State Estate Tax
Before 2012, Estates are taxed that are greater than $1 million. New York has no Gift tax and a small GST.