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Tax Reminders Moving Into 2015

By Gerry W. Beyer

Tax CutHere are some tips and reminders for estate, gift, and GST tax exemptions for the new year:

  • The federal estate tax exemption for estate, GST, and gift tax will increase to $5,430,000 in 2015.
  • The annual gift tax exclusion will not increase in 2015, but will remain at $14,000.
  • Portability allows a surviving spouse to increase their tax exemption for both estate and gift tax by using the deceased spouse’s unused exemption.
  • Portability is not allowed for GST tax exemption or most state estate tax.
  • There is still time to take advantage of any unused 2014 annual gift tax exclusion, as long as the gifts are completed by December 31.

See Albert W. Gortz, et al., 2015 Estate, Gift and GST Tax Update: What This Means for Your Current Will, Revocable Trust and Estate Plan, The National Law Review, Dec. 3, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

Posted in:
Estate Planning - Generally, Estate Tax, Generation-Skipping Transfer Tax and Gift Tax