IRS Announces Increases to Federal Estate and Gift Tax Exclusions for 2020
The IRS has announced that the estate and gift tax exclusion will be raised from the current amount of $11.38 million to $11.58 million in 2020. This means that you will be able to leave $11.58 million to your heirs without your estate having to pay any federal estate or gift taxes. For a married couple the […]
IRS 2018 Estate Tax Announcement
The IRS recently announced that in 2018 the unified credit against the estate tax will be raised to $5,600,000 and the annual exclusion for gifts be raised to $15,000 per donee. For more information about estate taxes, please contact the attorneys at Gummer Elder Law.
IRS Announces 2017 Estate Tax Limits
The Internal Revenue Service (IRS) has announced the 2017 Estate and Gift Tax limits. The exemptions will increase in 2017 to $5,490,000 ($5.49 million) from $5,450,000 ($5.45 million) in 2016. Therefore, if you die in 2017 and your estate is less than $5,490,000, your estate is not required to pay Federal estate tax. If you […]