The IRS just released the inflation adjustments for 2014. With regards to the estate and gift tax …
Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013.
The annual exclusion for gifts remains at $14,000 for 2014.
More details of other inflation adjustments can be found in Revenue Procedure 2013-35, which will be published in Internal Revenue Bulletin 2013-47 on Nov. 18, 2013.