IRS announces increases in the Basic Exclusion Amount for 2014

The IRS announced in Rev. Proc. 2013-55 that the "Basic Exclusion Amount" which is the amount of wealth that any citizen can own at death or transfer tax free during one's lifetime will increase in 2014 to $5.34M up from $5.25M in 2013.  The amount of the annual gift tax exemption will remain at $14,000 per year per donee in 2014.