The Internal Revenue Service released Publication 950: Introduction to Estate and Gift Taxes, which is fairly self-descriptive. It explains the basic estate and gift tax system, and provides the numbers of the annual exclusion, and estate and gift tax exemption for 2012.
The annual exclusion will remain at $13,000, but the lifetime exemption for estate taxes and gift taxes will increase from $5,000,000 to $5,1200,000.
Of course, no one knows what will happen when the exemptions are set to expire on December 31, 2012.
Publication 950: Introduction to Estate and Gift Taxes.
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David Shulman is an attorney located in South Florida who focuses his practice on Wills, Trusts and Estates, and Tax Planning. He attended George Washington University Law School and Brandeis University, both of which he graduated with honors. In addition David received his LLM in Estate Planning from the University of Miami Law School. Prior to starting his own practice, David worked for the Internal Revenue Service and a large South Florida law firm.