As discussed in a prior post, one of the helpful provisions recently added to federal estate tax law allows a surviving spouse to use any “leftover” or “unused” federal estate tax exclusion amount of a deceased spouse. The federal estate tax exclusion amount will increase to $5.34 million for 2014 (to be adjusted for inflation … Continue Reading
According to dictionary.com, permanent means “existing perpetually; everlasting, especially without significant change.” However, for federal tax law purposes, something is “permanent” only so long as Congress and the President do not act to change it. Take, for instance, the “basic exclusion amount” for federal gift and estate tax purposes. This is the amount that a … Continue Reading
