Text from the Recreational Hunting and Wildlife Conservation Plan, 2008, Page 16
Consider, for example, tax incentives, such as expanded conservation and access related deductions, exemptions, and transferable credits that could be enacted in the years remaining before the inheritance tax expires (i.e., allow reappraisal of easement and exempt increased value, if any, from the inheritance tax).
Under the 2010 tax law, an individual can transfer up to $5 million tax-free during life or at death. That figure is called the basic exclusion amount, and it is adjusted for inflation. In 2012, it was raised to $5.12 million per person. The new tax law does not change how much you can pass tax-free. For estate taxes, the rates will rise from 35 percent to 40 percent for estates valued at over $5 million dollars. However, there is a provision which allows the amount of the exemption (currently five million dollars) to be indexed to the rate of inflation. On January, 11, 2013, the IRS announced that, with the inflation adjustment, the estate tax exclusion for deaths in 2013 would be $5.25 million.