New numbers for a new year

As a reminder for estate planners, two new numbers you should be aware of in 2009:

• The federal estate tax exemption amount is now $3.5 million (Minnesota’s remains unchanged at $1 million).
• The annual gift tax allowance is now $13,000 (the lifetime gift tax exemption is frozen at $1 million).

Categorized in In the News, Practice Tips and tagged as estate tax, gift tax