A Little Good News From Uncle Sam

The IRS released Rev. Proc. 2011-52 which, among other things, announced that the federal estate tax exemption will increase from $5,000,000 to $5,120,000 for the estates of decedents who die in 2012. This also means that both the lifetime gift tax exemption and generation skipping transfer tax exemption will increase from $5,000,000 to $5,120,000 in 2012.

The annual gift exemption amount will remain $13,000 per person.

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