Highlighted here are some of the estate and gifts tax law changes in 2007. For a complete list of all 2007 changes please refer to
IRS Publication 553.
Annual Gifts Exclusion for Non-U.S. Citizen Spouses
The annual exclusion for gifts made to spouses who are not
U.S. citizens
has increased to $125,000.
Maximum Estate and
Gift Tax Rate
For estates of decedents dying, and gifts made, after 2006 and before 2010,
the maximum rate for the estate tax and the gift tax is reduced to 45%.