Rev. Proc. 2011-52 was issued setting forth the inflation adjustments required under various sections of the Internal Revenue Code. A few of the more important adjustments for estate planning are listed in this post.
- Estate Tax Exemption = $5,120,000 for purposes of the credit under IRC Sec. 2010
- Annual Gift Tax Exclusion remains the same at $13,000/$26,000
- Annual Gift Tax Exclusion for gifts to Non-US Citizen Spouse = $139,000
- Threshold for possible reporting of Large Gifts from Foreign Persons under IRC Sec. 6039F if = $14,723
- Income Tax Rate Tables for 2012
- Standard Deduction (e.g. Married Filing Joint Return and Surviving Spouses = $11,900, Unmarried individuals = $$5950)
- Personal Exemption = $3,800 (IRC Sec. 151(d))
- Eligible Long-Term Care Premium limitations regarding eligible care premiums included in the term “medical care” for purposes of IRC Sec. 213(d)(10)
- Medical Savings Account and High deductible health plan limits
- Expatriation limits for IRC Sec. 877A(a)(1)
Click the link above for the complete text of the Rev. Proc.