Tax-Free Gift Exclusion Has Also Been Increased

“Real Estate Gifts Are Now Tax-Free Up to $1 Million,” by Robert Bruss, March 3, correctly notes that the estate tax exclusion has been raised for 2002 but does not note that the annual exclusion for gifts has also been raised. Effective 2002, the annual exclusion is $11,000. For details see the IRS Web site at www.irs.gov.

LEWIS H. COHEN

Riverside