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2014 Federal Estate and Gift Tax Inflation Adjustments

The IRS has announced the inflation adjustments to various tax features for calendar year 2014. These adjustments include the following:

  • The federal estate tax exclusion amount for 2014 will be $5,340,000 (up from $5,250,000 in 2013).
  • The generation skipping tax exclusion amount for 2014 will be $5,340,000 (up from $5,250,000 in 2013).
  • The annual gift tax exclusion amount will remain at $14,000 for gifts in 2014.
  • The gift tax annual exclusion for 2014 gifts to a non-U.S. citizen spouse will be $145,000.
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  • Welcome Paul M. Bishop

    Paul M. Bishop, Esq. joins Mason, Griffin & Pierson PC as an Of Counsel member of the firm. Paul will be part of the firm's litigation practice group. Paul comes to MG&P with over 15 years of litigation experience having worked the past 10 years at Brach Eichler.

    Paul is admitted in the State of New Jersey, the State of New York and the District Court of New Jersey.