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.
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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.
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