ALERT: Tax Exemptions Increasing

The IRS has announced that the estate tax, gift tax, and generation-skipping transfer tax exemptions will all increase next year.  The exemption will increase from $5.49 million per person to $5.6 million per person.  With portability, that means the estate tax exemption for a married couple, making the proper elections, can be $11.2 million.For the first time in several years the annual gift tax exclusion amount is being raised from $14,000 per person to $15,000 per person.  Finally, the annual gift tax exclusion amount for gifts to a non-citizen spouse will increase to $152,000.00.