Estate Tax News!

The IRS has announced that the estate tax exclusion amount for the estate of those passing away in 2015 will be $5.43 million compared to $5.34 million in 2014. The lifetime tax exclusion also rises to $5.43 million, but the annual gift tax exclusion remains at $14,000.00.   Remember, this only applies to estate tax. There are no exclusions for gifts made within 5 years under the Medicaid rules.