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ARTICLE · 19 DECEMBER 2005

End of Year Estate Planning and Charitable Giving Update

Duane Morris LLP
Duane Morris LLP
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As we approach the end of 2005 and the beginning of the new year, we want to call your attention to several recent changes in federal tax laws that may be of interest in your year-end charitable giving and overall estate planning. This update briefly discusses these latest developments.

GlobalTax
Frank Cooper
Frank Cooper
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Originally published December 14, 2005

As we approach the end of 2005 and the beginning of the new year, we want to call your attention to several recent changes in federal tax laws that may be of interest in your year-end charitable giving and overall estate planning. This update briefly discusses these latest developments.

Increases in Transfer Tax Exemptions and Exclusions

On January 1, 2006, various exclusions and exemptions from the federal estate, gift, and generation-skipping transfer taxes will go into effect. The following chart depicts both the 2005 and 2006 amounts.

EXEMPTION OR EXCLUSION

2005 AMOUNT

2006 AMOUNT

Gift Tax

    

Annual exclusion for gifts of present interests (per donee)

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