Last week the IRS issued Rev. Proc. 2011-52, which, among other things, announced that the 2012 annual gifting exclusion amount will remain at $13,000 per gift to a non-spouse, and the annual gifting exclusion amount for gifts made to a spouse who is not a U.S. citizen will increase to $139,000, up from $136,000 for the 2011 tax year.
Rev. Proc. 2011-52 also announced increases in the 2012 estate tax, gift tax and generation skipping transfer tax exemptions: 2012 Estate Tax, Gift Tax and Generation Skipping Transfer Tax Exemption Changes.