It’s official. On October 30, 2014, the IRS issued Rev.Proc. 2014-61. That document set all of the tax rates for all of the different schedules, such as “Married Individuals Filing Joint Returns and Surviving Spouses.” The ones we tend to focus on are gift, estate and generation-skipping taxes and taxes on trusts. The annual gift tax exclusion for 2015 is $14,000, and $147,000 of gifts to a non-U.S. citizen spouse. As predicted, the estate and GST tax exclusions increased to $5,430,000. For eligible estates with closely-held businesses, the 2% portion is $1,470,000.
Probate and Estate Planning News
