Estate Planning News and Notes

It’s been a little crazy around H&H this week with our fall workshops in full swing.  I thought for today’s post I would pass along some recent news from the tax world heading into 2015.

  • The Annual Gift Tax Exclusion will remain at $14,000 per person.
  • The Estate, Gift and Generation Skipping Tax Exemption will increase to $5.43 million per person.
  • The limit on annual contributions to a 401(k) plan will increase to $18,000 and if you are 50 or older you will be able to contribute up to $24,000.
  • IRA contributions remain capped at $5,500 or up to $6,500 if you are 50 or older.

We are still waiting to see if any of the expired tax provisions will be extended by the current lame duck Congress.  Stay tuned.