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| 2009 Federal Gift and Estate Tax Exclusions and Exemptions Michelle M. Arruda Source: CWB Tax and Estate Planning Update On November 10, 2008, the IRS published inflation adjustments for personal exemptions, standard deductions, credits, and other items, including the federal gift tax annual exclusion. For calendar year 2009, the annual exclusion will increase from $12,000 to 13,000 (and from $128,000 to $133,000 for gifts to a non-citizen spouse).
Also, under the tax act enacted in 2001, for decedents dying in 2009, the federal estate tax exemption and federal generation-skipping transfer tax exemption will increase from $2 million to $3.5 million. Currently and in 2009, the maximum federal gift, estate, and generation-skipping transfer tax rate is 45%. |
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