The IRS announced today that the amount exemption from estate taxes
will increase next year. For an estate of any decedent dying during
calendar year 2012, the basic exclusion from estate tax amount will be $5,120,000, up from $5,000,000 in 2011.
For Special Use Valuation for qualified real property, the aggregate
decrease in the value of the property resulting from the election cannot
exceed $1,040,000, up from $1,020,000 for 2011.
The annual exclusion for gifts will remain at $13,000.
which also lists income tax benefit increases - exemptions, standard
deductions, tax brackets, etc. See also Revenue Procedure RP-2011-52.
Herman-Giddens, JD, LLM, TEP, CFP, Attorney at Law (NC, FL, TN),
Board Certified Specialist in Estate Planning and Probate Law (NC). North
Carolina Registered Guardian, Solicitor, England and Wales. Follow
his blog, North Carolina Estate
. . . .
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