Estate and gift tax update: The estate and gift tax exemption for 2016 is $5.45 million and the annual exclusion amount for gifts remains at $14,000.
Estate & Gift Tax Update
IRA Charitable Rollover
The IRA charitable rollover was made permanent on December 18, 2015, and is retroactive to January 1, 2015. This means that individuals who are 70 ½ or older may make “qualified charitable distributions” of up to $100,000 from their IRAs without paying any income tax on the distribution, and the distribution may serve to satisfy their required minimum distribution for a calendar year.