The Internal Revenue Service has announced that the 2015 estate tax exemption will rise to $5.43 million per person, and the annual gift exclusion amount will stay at $14,000. These numbers, adjusted annually for inflation, matter to folks who are trying to whittle down their estates by making gifts to family members. It’s an annual exercise, done at year-end or the first of the year, depending on the family.
The federal estate tax exemption is the amount an individual can leave to heirs without having to pay federal estate tax. The top federal estate tax rate is 40%.
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