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 exclusion is $23.16 million.

The gift tax exclusion, in which each of you can give $15,000 per year to as many individuals as you may choose without having to file a federal gift tax return, will remain unchanged in 2020.