Here are the main provisions of the American Taxpayer Relief Act of 2012, passed to avoid (mostly) the “Fiscal Cliff:”
The $5 million gift, estate and GST Tax exemption amount has been made permanent, with inflation adjustments. This makes the amount for 2013 estimated to be about $5.25 million. The total Exemption for married couples will be twice that amount.
A flat 40% transfer tax for all future years for amounts that exceed the $5.25 gift tax exempion amount. The “portability” provision is now permaent- the surviving spouse can use the remainder of their spouse exemption amount.
The Annual Gift Tax exclusion increases to $14,000 per donee, double for married couples.
The IRA Charitable Contribution rule has been extended to 2/1/13 for 2012.