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The Treasury Index is an index used to determine interest rate changes for certain adjustable rate mortgages (ARMs). It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market.

Expenses of administering an estate can be deducted either from the gross estate in figuring the Federal Estate tax on Form 706 or from the Estate's gross income in figuring the estate's income tax on Form 1041.
These expenses cannot be claimed for both estate tax and income tax purposes.
Generally, this rule also applies to expenses incurred in the sale of property by an estate that is not considered a dealer.
Administration expenses include the fees paid to the fiduciary for administering the estate. It also includes the accountant, attorney and tax-return preparer fees. Also, expenses incurred for the production or collection of taxable income and expenses incurred for the management, conservation, or maintenance of property held for the production of taxable income.
It also can include any expenses in connection with the determination, collection, or refund of any tax.

Congress has joined the Gift Tax and the Estate Tax together.
If you give more than $14,000 to any person per year ($28,000 with your spouse), you will be subject to the Gift Tax.
If your gift to any person is in excess of $14,000 ($28,000 for married individuals) then you will have to file a Gift Tax return which is generally due April 15 of the year following the gift.
The amount of the gift in excess of $14,000 ($28,000 for married persons) will reduce your lifetime exemption for Estate Taxes by the amount of the excess.

In 2012 & 2011, For an estate or gift(s) with:
Taxable income of $1 but not over $10,000 the tax is $0 plus 18 % over $0
T.I. of $100,000 but not over $150,000 the tax is $23,820 plus 30 % over $100,000
T.I. of $150,000 but not over $250,000 the tax is $38,800 plus 32 % over $150,000
T.I. of $250,000 but not over $500,000 the tax is $70,800 plus 34 % over $250,000
T.I. of $500,000 but not over $750,000 the tax is $155,800 plus 37 % over $500,000
T.I. of $750,000 but not over $1,000,000 the tax is $248,300 plus 39 % over $750,000
T.I. of $1,000,000or over the tax is $345,800 plus 40 % over $1,000,000
Any gift tax that you would owe is eliminated or reduced by a tax credit. The credit against taxable gifts for 2012 is $1,730,800 effectively exempting $5 million of taxable gifts.

For the year 2013, 5,250,000 Million. State tax thresholds vary per state

Note that in 2013 the federal estate tax exemption has been made transferable between spouses. This is referred to as "portability of the estate tax exemption" and means that if one spouse dies in 2013 and his or her entire $5,250,000 estate tax exemption is not needed to avoid estate taxes on his or her estate, then the unused portion of the deceased spouse's estate tax exemption can be added to the surviving spouse's estate tax exemption.
This, in essence, means that a married couple will be able to pass on up to $10,500,000 to their heirs free from federal estate taxes without the need to use AB Trust planning.
But keep in mind that if the married couple have different sets of final beneficiaries, such as in the case of a second or later marriage where each spouse has their own children that they want inherit their separate assets after both spouses are deceased, then the couple will want to make use of AB Trust planning in order to insure that their separate beneficiaries will be their ultimate beneficiaries.
An A-B Trust is a regular trust made during the lifetimes of a taxpayer and spouse. One of its characteristics is that upon the death of either a husband or wife, it splits into two separate trusts, an "A" trust and a "B" trust. By doing this, the trust takes advantage of the decedent's current year's exemption ($5,250,000) and the unlimited marital deduction. The surviving spouse becomes the trustee of both trusts and has access to the funds in both trusts. The purpose of the A-B trust is to eliminate all estate taxes upon the death of the first spouse. You will be able to use an A-B trust if you are married and have an estate tax. That means an estate in the year 2013 worth more than $5,250,000 Million. If you do have an estate worth more than $5,250,000 Million in 2013 an A-B trust can help you. Speak to your local CPA or attorney about this tax planning strategy.

A QTIP Trust is a Qualified Terminal Interest Property Trust. A QTIP Trust permits the spouse with all of the assets to "leave" the property to the surviving spouse, but the surviving spouse cannot touch the principal of the trust. He or she must hold on to the QTIP Trust's income (interest, dividends, royalties, etc.) for his or her lifetime. But, the spouse with all the assets gets an Unlimited Marital Deduction that makes his estate pay Zero Estate Tax upon his death and it can utilize the surviving spouse's exclusion when she dies. Speak to your local CPA or attorney about this tax planning strategy.

Probate is a proceeding in State Court after a person dies.
The purpose of Probate is to transfer title to property from the decedent to his or her heirs and to settle any debt liabilities owed by the decedent at the time of death.
Probate is completely avoidable, as long as the avoidance is done before death.
Generally, Probate is very expensive, with costs of approximately $3,500 for every $100,000 of gross estate. Generally, Probate takes a long time. It takes at least 6 months and frequently 1 to 2 years or more. If the decedent had a Will, the contents of the Will are a public record and anyone can go to the courthouse and find out who is going to get what distribution amount.
Speak to your local CPA or attorney for more information.

One strategy to avoid Probate is through the use of a "Living" or Inter-vivos Revocable Trust. During the lifetimes of the individuals a Trust is created, husband and wife are both the Trustees of the Trust, so they have complete control of it. The Trust is amendable and can be changed at any time by the individuals who created it. When one or both individuals die there is no Probate, provided the individuals took the time while they were living to transfer all of their assets into their Trust. This entails the retitling of assets such as bank accounts, real estate, and stock brokerage accounts into the name of the trust. During their lifetimes, these individuals name who they want to be their trust's successor trustee. The successor trustee could be a family member, friend, an advisor or bank. When death occurs, the surviving spouse typically takes over as the successor trustee and manages the assets. Then when the surviving spouse dies, the successor trustee named in the trust takes over and distributes the assets according to the terms the individuals stated in their trust. There are also other strategies available. Speak to your local CPA or attorney for more details.

The gift tax is a tax that the IRS will levy if the gifts you give to people are above a certain base dollar value. Your spouse can also make a gift of $14,000 to the same person free of tax. Amounts in excess of the $14,000/ 28,000 base amounts will cause a gift tax return to be filed.
. As a general rule, a gift is only taxable if its value, when added to the value of your estate, exceeds $5,000,000 for current year and in 2012.