The IRS Has Announced the New Estate and Gift Tax Limit

The IRS (Internal Revenue Service) announced October 30th, 2014, that the 2015 estate and gift tax limits today, as well as the federal estate tax exemption rises to $5.43 million per person. The annual gift exclusion amount stays at $14,000. 

The federal estate tax exemption, which is the amount that an individual can leave to heirs without having to pay federal estate tax, will be increased to $5.43 million in 2015, which is an additional $90,000 that can be passed on, tax-free. A big step up from the $5.34 million in 2014.