California Estate Planning Blog by Kevin Staker

December 20, 2011

Estate, Gift, and Generation-Skipping Transfer Tax Exemptions Increase to $5,120,000 in 2012

Filed under: Uncategorized — Kevin Staker @ 8:43 am
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The 2010 Tax Act provides that the estate, gift, and generation-skipping transfer tax exemptions are tied to inflation from 2011. Hence, the IRS has announced the estate tax exemption, gift tax exemption and even the generation-skipping transfer tax exemptions will increase to $5,120,000 effective January 1, 2012.

Of course, please remember that if the law does not change, the estate and gift tax exemptions will revert to $1,000,000 on January 1, 2013.