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Gift Tax Exclusion Projected to Increase for 2009

FYI, sources (CCH and RIA)  project that the federal annual gift tax exclusion will increase to $13,000 for 2009. And for gifts to noncitizen spouses, the gift tax exclusion is projected to increase to $133,000. Also, for those who may have missed it, the Hubbard Act repeals the dollar limitation on contributions to funeral trusts for tax years beginning after August 29, 2008.

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