Houston Estate Planning and Elder Law Attorney Blog
Starting in 2014 … the basic exclusion will go up to $5.34 million per person, from $5.25 million this year. [However,] there will be no change in the annual exclusion, which allows you to give $14,000 in cash or other assets each year to each of as many individuals as you want without dipping into the basic exclusion.
The 2013 year is winding down. While there is still much to enjoy, especially in terms of the holidays, it is not too early to think about your financial and estate plans for 2014.
Surprise! The IRS is already looking forward to 2014, to include the estate and gift tax exemption.