The IRS has announced that the basic estate tax exclusion amount for the estates of decedents dying during calendar year 2017 will be $5.49 million, up from $5.45 million for calendar year 2016.

The increase in the estate tax exclusion means that the lifetime tax exclusion for gifts will also rise to $5.49 million, as will the generation-skipping transfer tax exemption. The annual gift tax exclusion will remain at $14,000 for 2017.

For more details on many of these and other inflation adjustments to tax benefits, go to: irs.gov website.

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