Thursday, October 6, 2011

The new estate and gift exclusion amounts have just been released for 2012.

Unified estate and gift tax exclusion amount -   For gifts made and estates of decedents dying in 2012, the basic exclusion amount will be $5,120,000 (up from $5,000,000 for gifts made and estates of decedents dying in 2011).
Generation-skipping transfer (GST) tax exemption -  The exemption from GST tax will be $5,120,000 for transfers in 2012 (up from $5,000,000 for transfers in 2011).
Gift tax annual exclusion -  For gifts made in 2012, the gift tax annual exclusion will be $13,000 (same as for gifts made in 2011).

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