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The IRS announced inflation adjustment tax items for 2015. Of interest on the estate and gift side, the annual exclusion remains at $14,000. However, the exclusion amount for taxpayers dying in 2015 increased from $5,340,000 to $5,430,000. Thus, a married couple can protect $10,860,000 from federal estate tax. With Republicans capturing both houses of Congress, it remains likely that the exemption amount will remain at $5 million, with the inflation adjustment. The uncertainty of worrying about a reduction in the exemption amount to only $1 million per person for planning purposes is now a distant memory.
Read more discussion of estate planning topics affecting Virginia residents and U.S. citizens at Dedon on Estate Planning.
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