NOTE This information is out of date. See a listing of recent tax-related articles for more current information about taxes and their fundraising implications.
The IRS announced the estate tax exemption for 2012 will be $5.12 million (see news release), up from $5 million this year. The higher threshold is scheduled to expire at the end of 2012, and the $1 million limit under previous law is set to return. The annual exclusion for the gift tax will be $13,000, unchanged from 2011.