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Increased Federal Gift and Estate Tax Exemptions in 2014

Tax Exemptions in 2014Federal Gift and Estate Tax Exemptions increased in 2014. This is the topic of Offit Kurman attorney Gal N. Kaufman’s article, “Increased Federal Gift and Estate Tax Exclusions/Exemptions for 2014.” So what does this mean for you?

Increased Federal Gift and Estate Tax Exemptions in 2014

  1. Unified Estate and Gift Tax Exclusion Amount: In 2013, the exclusion amount for gifts made and estates of decedents dying was 5,250,000 per person ($10,500,000 per married couple). This figure is $5,340,000 per person (or $10,680,000 per married couple) in 2014.
  2. Generation-Skipping Transfer (GST) Tax Exemption:The GST exemption is, generally, the amount that can be passed to grandchildren or more remote descendants without imposition of the GST tax,” explains Kaufman. In 2013, the exemption for GST tax was $5,250,000 for transfers. It is $5,340,000 for transfers in 2014.
  3. Gift Tax Annual Exclusion: This is the amount that may be gifted each year to another individual without utilizing the donor’s lifetime gift/estate tax exclusion amount. For gifts made in 2013, the gift tax annual exclusion was $14,000, the same as it is now in 2014.
  4. Increased Annual Exclusion for Gifts to Non-Citizen Spouses: For gifts made in 2013, the annual exclusion for gifts to non-citizen spouses was $143,000. This figure is now $145,000 in 2014.

Tax Exemptions in 2014If you have any questions about Increased Federal Gift and Estate Tax Exemptions in 2014, please contact Gal N. Kaufman at 240.507.1709 or gkaufman@offitkurman.com. Mr. Kaufman has nearly twenty years’ experience as a trusts and estates attorney, providing client services in the areas of estate planning and estate and trust administration.

Offit Kurman Estates, Trusts and Elder Law Practice Group

Estate planning is one of the most fundamental and important legal services our lawyers provide. Through our unique estate planning process, our attorneys develop a customized plan tailored to meet your specific needs and objectives. We are dedicated to the design, documentation, and implementation of high-quality estate plans for individuals and families to help you transfer wealth from one generation to the next and beyond. The estate plans we design help you, to the maximum extent possible, minimize the burden of gift and estate taxes and protect your assets from the threat of preexisting and potential creditors.

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