Houston Estate Planning and Elder Law Attorney Blog

Articles Tagged with 2014

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MP900411753

The nation's elderly and disabled Social Security recipients will receive a 1.5 percent increase in payments in 2014. The same COLA will apply to pensions for federal government retirees and most veterans.

According to recent news from the Social Security Administration, the Cost Of Living Adjustment (COLA) made to Social Security payments will increase 1.5% in 2014. Although it is a small increase, you will be able to enjoy some "diet COLA" with your Social Security next year.

ElderLawAnswers weighed in on the news in an article titled “Social Security Benefits to Rise Only 1.5 Percent in 2014,” while the SSA has issued its own COLA Fact Sheet.

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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.

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