Gift and Estate Tax Changes
January 7, 2009
Good news for those of you making gifts–the new annual exclusion limitation for gifts has increased to $13,000 per donee in 2009 (was $12,000 in 2008). Unfortunately, the lifetime gift tax exemption has not increased and remains at $1 million.
The estate tax exemption has increased dramatically to $3.5 million in 2009 (up from just $2 million in 2008). The estate tax rate is 45%.
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