With the passing of the American Taxpayer Relief Act (“ATRA”) of 2013 it is expected that the laws governing federal estate taxes, gift taxes and generation skipping transfer taxes, and the exemptions from these taxes, will be permanent beginning in 2013.

The important issue is the amount of the exemption from such a tax. The tax exemption is $5,340,000 in 2014 and will be increased annually according to inflation rates.

If you were to exceed this amount, the tax rate is 40%.

Share this page!