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Areas of Interest
October 1st, 2013
Increased Exemptions Provide Estate Planning Opportunities
The current Federal estate, gift and generation-skipping transfer (GST) tax exemption amounts are projected to increase in 2014. The projected adjustment, compared to 2012 and 2013, is as follows:
Unified estate, gift and GST tax exemption
- 2012 - $5,120,000
- 2013 - $5,250,000
- 2014 - $5,340,000
The increased exemptions allow individuals to shelter greater amounts from Federal estate, gift and GST taxes, now imposed at 40%. For example, in 2014, a married couple would be able to transfer a total of $10,680,000 free of these Federal taxes, either during their lifetimes or at death. Even a married couple who has already utilized the full 2012 exemptions will have an additional $440,000 of exemption ($220,000 each) available for planning in 2014.
Annual gift tax exclusions are available in addition to the exemptions, so that each year an individual may make gifts of $14,000 (or $28,000 for gifts by a married couple) to an unlimited number of recipients - without using up any of the individual''s lifetime exemption. The annual exclusion amount is expected to remain at $14,000 for 2014.
With appropriate planning to utilize these tax benefits, you can substantially increase the wealth you pass to your heirs.
If you have questions about these or other estate planning issues, please contact Barbara Shiers at (212) 826 5526 or firstname.lastname@example.org, Linda Wank at (212) 826 5546 or email@example.com, Joseph Mahon at (212) 826 5564 or firstname.lastname@example.org, Jeffrey Marks at (212) 826 5536 or email@example.com, or any other member of the Frankfurt Kurnit Estate Planning and Administration Group.
Other Estate Planning Law Alerts
Is Now the Time to Revisit Your Estate Plan?
On December 22, 2017, the Tax Cuts and Jobs Act (the "Act") was signed into law. The Act temporarily doubles the estate, gift and generation-skipping transfer ("GST") tax exemption amount.
January 4 2018
New Jersey Proposes Estate Tax Repeal
In a joint appearance on September 30, 2016, Governor Chris Christie and legislative leaders announced a bipartisan agreement to repeal the New Jersey Estate Tax.
October 17 2016
IRS Proposes Rules to Deny Estate and Gift Tax Discounts for Family Businesses
There's important news for family business owners and their heirs.
August 23 2016