Wednesday, January 30, 2013

New Estate and Gift Tax Provisions for 2013

As a result of the American Taxpayer Relief Act of 2012 passed by Congress and signed into law by President Obama on January 2, 2013, the estate tax exemption for the year 2013 remains at $5 million. Adjusted for inflation, the precise amount for the unified lifetime estate and gift tax exemption for the year 2013 is $5.25 million. There are additional changes made to the estate and gift tax laws as a result of the passage of this Act.