2015 Tax Inflation Adjustments
The 2015 inflation adjustments have been announced for estate, gift and generation-skipping transfer tax. The annual exclusion amount for 2015 will remain at $14,000, while the estate, gift and generation-skipping transfer tax exemption amounts have been increased to $5,430,000 for decedents dying and gifts made in 2015. Also notable is the adjustment to the annual exclusion amount for gifts made to a non-citizen spouse in 2015, which has been increased to $147,000.
Commonwealth Trust Company is pleased to provide this article as a guide. Commonwealth Trust Company is not engaged in the practice of law and is not providing legal advice by the provision of these materials. Commonwealth Trust Company recommends that clients seek the opinion of their attorney regarding the specific legal and tax issues addressed in this article.