Every year, the Internal Revenue Service provides updates to the amount individuals can set aside for their future or leave to their heirs tax-free. These guidelines allow for individuals to maximize ways to provide for their families now and after they are gone.

The 2015 federal estate tax exemption is $5.43 million per person. The 2015 annual gift exclusion is $14,000 per individual. These limits mean that someone can leave their heirs an estate worth up to $5.43 million or provide a gift, up to $14,000, to someone without paying federal taxes….