2016 Tax Updates for Estate, Gift and GST Tax
The changes for 2016 are pretty mild compared to previous years, with the annual gift tax exclusion amount remaining the same at $14,000 per person and the Applicable Exclusion Amount only increasing by $20,000 to $5,450,000 from $5,430,000 in 2015. A. Annual Exclusion from Gift Tax. There is an annual exclusion from gift taxes of…