The IRS recently released Revenue Procedure 2015-53, announcing the inflation adjustments to many tax provisions. Of note, the unified credit against the federal estate tax for Calendar Year 2016 is $5,450,000. This is up from $5,430,000 in 2015.
The annual gift tax exclusion of $14,000 per person/per donee remains the same. However, the annual gift exclusion to non citizen spouses has increased to $148,000 from $147,000.
1 comment:
It's great that you mention the $14,000 gift exemption. It's a great estate planning tactic to avoid estate taxes AND actually get to see your wealth enjoyed by your loved ones while you're still alive.
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