What are the 2014 federal estate tax rate and lifetime gift exclusion amount?

For 2014, the federal estate tax rate was 40 percent on estates over the exclusion amount of $5.34 million, according to Bankrate. The lifetime gift exclusion, or unified credit, allows people to give away up to $5 million over their lifetime without having to pay gift tax.

The exclusion amount for 2015 on estates is $5.43 million, according to Bankrate. For 2014 and 2015, individuals can give up to $14,000 per year to each person and as many persons as they choose without incurring gift tax. People may also give charitable gifts, gifts to a spouse, gifts to a political organization for its use, educational expense gifts and medical expense gifts without paying gift tax.