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IRS Announces Increase to Federal Transfer Tax Exemption and Gift Tax Annual Exclusion

The IRS recently published Rev. Proc. 2017-58 (LINK TO https://www.irs.gov/pub/irs-drop/rp-17-58.pdf), which announces the annual inflation adjustments for certain federal tax provisions for 2018.  Among many other adjustments, the lifetime federal estate, gift and generation-skipping transfer tax exemption was increased from $5.49 million to $5.6 million.  Accordingly, the estate of an individual dying in 2018 will only incur federal estate tax … Continue reading »