As announced in Rev. Proc. 2015-53, IRS has announced that the following inflation-adjusted amounts are effective January 1, 2016: Annual
The following inflation-adjusted amounts are effective January 1, 2015: Annual exclusion from gift tax remains at $14,000 per donee. Annual
Current tax law provides for Estate/Gift/GST Tax exemptions of $5 million per person ($10 million for married couple) through 2012. This means that individuals can transfer significant amounts of wealth free of estate, gift and GST tax. However, these exemptions are scheduled to be significantly reduced to $1 million ($2 million) beginning on Jan 1, 2013, leaving only a limited time to optimize any gifting strategies to capitalize on the high exemptions. However, many people aren’t comfortable giving away such large amounts, concerned that they may need it for themselves in the future. This post outlines some irrevocable trusts strategies to help deal with that concern.
Turner v. Commissioner: Careful ILIT drafting saves the day
This online article titled “Gift Tax Exemption Jumps, But Not Everyone’s Feeling Generous,“ by Jerry Gleeson, which appeared in Registered Rep,
The 2010 Tax act raised the gift tax exemption to $5 million. This is the amount a person can give