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Estate and Gift Tax Limits Increase

The IRS has announced that the annual gift tax exclusion for 2018 will be $15,000 per donee, up from $14,000 per donee. Also, the estate and gift tax exemption will be $5.6 million per person for 2018, and that amount is up from $5,490,000 per person. Therefore a married couple will have a total of $11,200,000 exempt from federal estate tax or gift tax.

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