Happy New Year! Tax updates for the new year:
- The Federal Estate Tax exemption amount has increased to $5.49 million per person. With portability, this means a married couple can collectively transfer just less than $11 Million ($10.98 Mill to be precise).
- The annual gift tax exclusion amount remains at $14,000 per person. For a married couple, they can each make a gift of $14,000 to the same individual, providing for a total gift of $28,000 to that person.