The IRS Recently Issued Guidelines Providing the Following Updates for 2009

The gift tax annual exclusion has been increased from $12,000 to $13,000 per donee.

The annual exclusion for gifts to non-citizen spouses has been increased from $128,000 to $133,000.

In addition, the estate and generation-skipping transfer tax exclusions are increasing from $2 million to $3.5 million. However, the lifetime gift tax exclusion amount will remain at $1 million.

For additional information, please contact Jeff Troiano at  941-329-6638 or jtroiano@williamsparker.com.