Friday, November 1, 2013
In the Revenue Procedure 2013-35, the IRS announced that it would be raising the limit on tax-free transfers. Beginning in 2014, the basic exclusion (the limit on tax free transfers) will increase to $5.34 million per individual. Despite this increase, no changes have been made to the annual exclusion that permits individuals to give $14,000 in assets annually to as many people without running into the basic exclusion.
See Deborah L. Jacobs, IRS Raises Limit On Tax - Free Lifetime Gifts , Forbes, Oct. 31, 2013.