The IRS has announced new limits for federal estate and gift tax for 2018. Beginning January 1, 2018, the annual exclusion gift amount will increase from $14,000 per person per year to $15,000. The estate and gift tax exemption will also increase from $5.49 million in 2017 to $5.6 million in 2018. This is the first increase in the annual exclusion gift since 2013 and and married couples will now be able to shield up to $11.2 million with appropriate estate planning. The impact of these increases is uncertain with tax reform looming.
