Inflation Adjusted 2014 Figures for Estate, Gift and GST Exemptions
As many of you know the estate tax exemption, gift and generation skipping transfer tax exemptions are so high that most people do not have to worry about those taxes now. Well the news gets better in 2014! In 2014 the estate tax and GST exemption increases from $5,250,000 to $5,340,000. Whew… guess I won’t have to worry about those taxes! Unfortunately the annual exclusion (the gifts you can give each year without worrying about a gift tax return) stays at $14,000.. so keep making those birthday and Christmas gifts.
Generosity is a key to happiness. Reach out and help someone today!