North Carolina Estate Planning Blog
2013 Estate and Gift Tax Exemption Set at $5.25M
Just over a week since tax legislation changes were made in the last-minute fiscal cliff deal, the Internal Revenue Service has confirmed the 2013 applicable exclusion amount (gift and estate tax exemption) will be $5.25 million.
The former exclusion amount of $5.12M has changed due to an inflation adjustment. Transfers of amounts above the $5.25M estate, gift and generation-skipping tax exemption will be taxed at 40% (up from $35%).
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