IRS Announces its Annual Inflation Adjustments
Recently, the IRS announced its annual inflation adjustments. These are important for many different reasons but specifically in estate planning, the annual gift exemption is adjusted for inflation as well as the amount a non-citizen spouse may receive from their spouse annually.
In 2011, the annual gift exemption will not increase at all and will remain at $13,000 per year per person. However, the amount that a spouse may give to their non-citizen spouse on an annual basis increases to $136,000 per year, up from $134,000 in 2010.
To learn more about using the annual gift exemption to lower the value of your estate or about gifting to your non-citizen spouse, please consult our law firm of Wood, Atter & Wolf, P.A. with offices located in jacksonville and Ponte Vedra Beach.
