Gift Tax Exclusion Remains $13,000 in 2010
The Tax, Trusts and Estates Law Monitor recently reported that the Gift Tax Exclusion Amount, indexed to the cost of living, will remain $13,000 in 2010.
As explained by TTELM: “The annual exclusion permits a taxpayer to gift $13,000 annually to any beneficiary without being required to use his or her $1 million lifetime gift exemption amount.”
The gift tax exclusion amount is an important estate planning tool since the amount can be doubled in the case of a married couple and applies to any number of persons. Less well-known, other excluded gifts may be made for tuition expenses and health care provided payments made directly to the educational institution or provider.
