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Areas of Interest
October 1st, 2013
Increased Exemptions Provide Estate Planning Opportunities
The current Federal estate, gift and generation-skipping transfer (GST) tax exemption amounts are projected to increase in 2014. The projected adjustment, compared to 2012 and 2013, is as follows:
Unified estate, gift and GST tax exemption
- 2012 - $5,120,000
- 2013 - $5,250,000
- 2014 - $5,340,000
The increased exemptions allow individuals to shelter greater amounts from Federal estate, gift and GST taxes, now imposed at 40%. For example, in 2014, a married couple would be able to transfer a total of $10,680,000 free of these Federal taxes, either during their lifetimes or at death. Even a married couple who has already utilized the full 2012 exemptions will have an additional $440,000 of exemption ($220,000 each) available for planning in 2014.
Annual gift tax exclusions are available in addition to the exemptions, so that each year an individual may make gifts of $14,000 (or $28,000 for gifts by a married couple) to an unlimited number of recipients - without using up any of the individual''s lifetime exemption. The annual exclusion amount is expected to remain at $14,000 for 2014.
With appropriate planning to utilize these tax benefits, you can substantially increase the wealth you pass to your heirs.
If you have questions about these or other estate planning issues, please contact Barbara Shiers at (212) 826 5526 or bshiers@fkks.com, Linda Wank at (212) 826 5546 or lwank@fkks.com, Jeffrey Marks at (212) 826 5536 or jmarks@fkks.com, or any other member of the Frankfurt Kurnit Estate Planning and Administration Group.
Other Estate Planning Law Alerts
Estate Planning Update
While the estate and gift tax exemption is at an all time high in 2025, this could change dramatically in 2026. Accordingly, for 2025, please consider the following updates and planning considerations. Read more.
March 11 2025
Increased Exemption for 2023 Creates Estate Planning Opportunities
The Federal estate, gift and generation-skipping transfer (“GST”) tax exemption amounts have increased in 2023 to $12.92 million per individual (up from $12.06 million in 2022). Read more.
February 6 2023
New York Extends Remote Notarization and Document Execution to January 29, 2021
By Executive Order 202.87 issued December 30, 2020, New York’s remote notarization and document execution procedures are extended through January 29, 2021. Read more.
January 12 2021
