The current Federal estate, gift and generation-skipping transfer (GST) tax exemption amounts are projected to increase in 2015. The projected adjustment, compared to 2012, 2013 and 2014, is as follows:
|
2012 |
2013 |
2014 |
2015 |
|
|
Unified estate, |
$5,120,000 |
$5,250,000 |
$5,340,000 |
$5,430,000 |
The increased exemptions allow individuals to shelter greater
amounts from Federal estate, gift and GST taxes, now imposed at
40%. For example, in 2015, a married couple would be able to
transfer a total of $10,860,000 free of these Federal taxes, either
during lifetime or at death. Even a married couple who has
already utilized the full 2012 exemptions will have an additional
$620,000 of exemption ($310,000 each) available for planning in
2015.
Annual gift tax exclusions are available in addition to the exemptions, so that each year an individual may make gifts of $14,000 (or $28,000 for gifts by a married couple) to an unlimited number of recipients - - without using up any of the individual's lifetime exemption. The annual exclusion amount is expected to remain at $14,000 for 2015.
This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.
