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Daily Archives:Friday, February 6, 2015

Estate Planning In 2015: Understanding The IRS guidelines

February 6, 2015

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….