The IRS, in Revenue Procedure 2017-58, just released its annual list of inflation adjustments for various Internal Revenue Code sections. Of note for those of us interested in estate planning and income tax adjustments are the following items:
- The unified credit against estate tax for 2018 is adjusted to allow $5,600,000 to pass without incurring estate tax or gift tax.
- The annual exclusion for gifts increases to $15,000 per person per year during 2018.
- The standard deduction for married individuals filing joint returns is $13,000.
- The personal exemption amount for 2018 is $4,150