Monday, January 2, 2012

Slight increase in exemption amounts

The per-person exemption for estate and gift taxes has gone up to $5.12 million. It reverts to $1 million per person at the end of this (election) year, if Congress does not act in the interim.

The top tax rates on taxable estates and gifts remains 35%. In 2013 it is slated to increase to 55%.

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