Each year the trusts and estates tax lawyers eagerly await the new exemption amounts and tax brackets to see if there is any change due to upticks in the Consumer Price Index. Ok...maybe we don't hold our breath, but we do pay attention. It's vital information for a client meeting and fodder for conversation at the next cocktail party, where inevitably, the question "what do you do" comes up and one prepares to either enlighten or bore the other person with a font of tax knowledge. Cue the sports conversation, "Hey, how about those Bears???"

Here are the highlights:

The new estate tax exemption equivalent is $5,450,000, up from $5,430,000.
The new generation-skipping transfer tax exemption is $5,450,000, up from $5,430,000.
The gift tax annual exclusion remains at $14,000.
The annual exclusion for gifts to noncitizen spouses increases to $148,000.
The reporting threshold for foreign gifts received by a U.S. person from a nonresident alien individual or estate is $100,000 in the aggregate for the year and is $15,671 (increased from $15,601) if received from a foreign corporation or partnership.
Irrevocable trusts and estates reach the top income tax rate of 39.6% on income over $12,400.

In other news, the Bears defense will face a tough test on Sunday when the Raiders come to play at Soldier Field.