On October 25, 2016, Forbes online reported some helpful information for estate planners. Forbes reported that the IRS had announced the estate and gift tax maximum exemption limits for 2017. The article is below:
For 2017, the annual gift tax exclusion applies to the first $14,000 gifted per person. Beyond that, the lifetime exemption amount for federal estate taxes and federal gift taxes bumped up to $5.49 million per person compared to $5.45 million in 2016.