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Oct 5, 2017

2018 Inflation Adjustments to Tax Planning Amounts

Category: Personal

The August CPI is out and we can expect the new annual gift tax exclusion to be increased from $14,000 to $15,000 ($152,000 for non-citizen spouses).  The Basic Exclusion Amount and GST exempt amount is also going to increase to $5,600,000.  We can expect the IRS to officially confirm this in about 6 weeks.  If you have questions about how these changes will affect your estate planning and tax planning please feel free to contact us.

We are sending this bulletin to bring useful and timely information to our clients and colleagues.  It is only information we hope you will find interesting or useful and not legal advice.  You should not rely on any information or views in this bulletin as legal advice on any specific legal issue you may have.  Please contact your Skelton Taintor & Abbott attorney for specific legal advice. U.S. Treasury rules require us to tell you that any U.S. Federal tax advice contained in this communication (whether distributed by mail, email or fax) is not intended or written to be used and cannot be used by any person for the purpose of avoiding U.S. Federal tax penalties or for the purpose of promoting, marketing or recommending any entity, investment plan or other transaction.

Skelton Taintor & Abbott is a full service law firm providing legal services to individuals, companies, and municipalities throughout Maine. It has been in operation since its founding in 1853.