4.   Estate and Gift Taxes

2008 Changes

Annual Exclusion for Gifts to Non-U.S. Citizen Spouses Increased

For calendar year 2008, the annual exclusion for gifts made to spouses who are not U.S. citizens will increase to $128,000.

2009 Changes

Annual Exclusion for Gifts Increased

The annual exclusion for gifts of present interests made to a donee during the calendar year has increased to $13,000.

The annual exclusion for gifts made to spouses who are not U.S. citizens will increase to $133,000.

Estate Tax Applicable Exclusion Amount Increased

An estate tax return for a U.S. citizen or resident needs to be filed only if the gross estate exceeds $3.5 million for decedents dying during 2009.


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