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%).
The American Taxpayer Relief Act of 2012 also preserved spousal portability of the deceased spouse’s unused applicable exclusion amount. Surviving spouses can take advantage of this law by filing a federal estate tax return after the death of the first spouse to die.
Trackbacks (0)
Links to blogs that reference this article
Trackback URL
http://www.ncestateplanningblog.com/admin/trackback/292729
http://www.ncestateplanningblog.com/admin/trackback/292729
Comments (0)
Read through and enter the discussion with the form at the end
205 Providence Road, Chapel Hill NC 27514
Phone: 919.493.6351 • Toll-Free: 800.201.0413 • Fax: 919.493.6355
ghgiddens@trustcounselpa.com • www.trustcounselpa.com