Pursuits
IRS Increases Exemption From Estate Tax to $5.25 Million
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Taxpayers will be able to leave an extra $130,000 to their heirs free of estate taxes this year under cost-of-living adjustments announced by the Internal Revenue Service.
The estate-tax exemption for 2013 will be $5.25 million for individuals, up from $5.12 million in 2012, the IRS said in a statement today. For married couples, the combined threshold is $10.5 million.