Law Office of John S. Palmer Attorney at Law

(425) 455-5513

Estate and Gift Taxes 2014

Posted Thursday, October 3, 2013 by John S. Palmer

Although the IRS will not officially announce the annual inflation adjustments for gift and estate taxes for several more weeks, tax experts are predicting what these adjustments will be, based on consumer price index data.

Both CBS news and Forbes are predicting that the unified gift and estate tax lifetime exclusion amount for 2014 will be $5,340,000, an increase of $90,000 over the 2013 figure of $5,250,000. If this holds true, it will create some modest estate planning opportunities for folks who have already used up their lifetime credit.

The gift tax annual exclusion amount for 2014 will remain at $14,000. This is the maximum amount that a donor will be able to give to each individual donee in 2014 without filing a gift tax return or reducing the donor’s lifetime exclusion amount.

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Law Office of John S. Palmer11911 NE 1st St, Ste. B204,Bellevue, WA 98005-3056