The IRS released their gift and estate tax exemption numbers for 2015 a few months back. In case you missed it they are:
GIFT TAX: It remains at $14,000 per donor per donee. So a husband and wife can do a “split gift” and give $28,000 to any indivudual (family or otherwise).
ESTATE and GIFT TAX: This exemption bumps up to $5,430,000 in 2015. That is, each person can give away this amount during life, or at death, or in combination. If your net worth might exceed this at death plan ahead with estate planning. There are many ways to maximize the value of each “dollar” given so that $5,430,000 can be much more!
Talk to a qualified estate planning attorney so that your estate gets planned correctly.
Happy new year! -John