In this issue -

- Federal Estate, GST and Gift Tax Rates

- Annual Gift Tax Exclusion

- Federal Income Tax Rates

- President’s Budget Proposal for Fiscal Year 2014

- Important Planning Considerations for 2013 and 2014

- Year-End Checklist for 2013

- National Developments in 2013

- International Developments in 2013

- Excerpt from: Annual Gift Tax Exclusion -

Each year individuals are entitled to make gifts of a certain amount (the “Annual Gift Tax Exemption Amount”) without incurring gift tax or using any of their lifetime applicable exclusion amount against estate and gift tax. The Annual Gift Tax Exemption Amount will remain at $14,000 per donee in 2014. Thus, a married couple together will be able to gift $28,000 to each donee. However, gifts made to noncitizen spouses are limited to a different Annual Gift Tax Exemption Amount, which will increase from $143,000 to $145,000 in 2014.

Please see full advisory below for more information.

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Topics:  American Taxpayer Relief Act, Charitable Donations, Conservation Easements, DOMA, Estate Planning, Estate Tax, EU, FATCA, Generation-Skipping Transfer, Gift Tax, Grantor Retained Annuity Trust, Health and Education Exclusion Trusts, Income Taxes, Intentionally Defective Grantor Trusts, Intra-Family Loans, Life Insurance, Medicare Taxes, Property Tax, RULLCA, Same-Sex Marriage, Tax Rates, US v Windsor, Year-End Planning, Year-End Tax Planning

Published In: Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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