Gardner Weiss & Rosenblum LLP

"Increased Annual Gift Tax Exclusion" While there is much uncertainty regarding the Federal gift and estate tax exemption for next year, the IRS has issued a notice stating that the annual gift tax exclusion for 2013 will increase from $13,000 to $14,000 per donee as a result of an inflation adjustment. Accordingly, clients making annual gifts to their family members should consider the increased exclusion. This gifting opportunity will continue regardless of the size of the exemption for next year.

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Effective January 1, 2012, the Federal gift and estate tax exemptions were indexed for inflation and increased from $5,000,000 to $5,120,000. The annual gift tax exclusion remains at $13,000 per donee. The estate and gift tax exemptions are scheduled to automatically decrease to $1 million on January 1, 2013 unless Congress acts to extend the current exemption beyond that date. Click below to read more.