- The annual exclusion remains at $14,000. This is the maximum amount that one person can give to another person in one year without having to file a gift tax return. For gifts above that amount, a return must be filed but no gift tax is owed so long as the total reportable gifts by one person over his or her lifetime is less than the gift tax exemption amount.
- The estate tax, gift tax, and generation-skipping exemption amounts are increased to $5.45 million for persons dying in 2016.
Thursday, December 10, 2015
2016 inflation adjustments announced
The IRS has issued its year-end update on adjustments to certain dollar limits for 2016.
Subscribe to:
Posts (Atom)
Resources newly available online
In July 2018, after nearly 40 years of active, full-time practice, I scaled back to part-time practice. I continue to work about half-time...
-
The Lion Cub deed is an elusive creature. It is fleetingly mentioned on the web sites of some Michigan estate planning and real estate attor...
-
We have previously noted* on these pages that an important part of succession planning is gathering your key information such as account num...
-
We recently posted our commentary on the use of a so-called “lion cub” deed, noting that two or more people who are granted ownership of re...