Now that the uncertainty over estate and gift taxes has finally been clarified, here is a quick update:
Lifetime gift and estate tax exclusions have risen slightly, to $5,250,000 in 2013, while the estate and gift tax rate has increased, from 35% to 40%. What’s more, the applicable exclusion amounts will continue to be indexed for inflation annually, and the popular portability provision that allows couples to take full advantage of each other’s unused federal estate and gift tax exclusion amounts, remains effective.
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