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September 29th, 2014
Increased Exemptions Provide Estate Planning Opportunities
The current Federal estate, gift and generation-skipping transfer (GST) tax exemption amounts are projected to increase in 2015. The projected adjustment, compared to 2012, 2013 and 2014, is as follows:
gift and GST tax exemption
The increased exemptions allow individuals to shelter greater amounts from Federal estate, gift and GST taxes, now imposed at 40%. For example, in 2015, a married couple would be able to transfer a total of $10,860,000 free of these Federal taxes, either during lifetime or at death. Even a married couple who has already utilized the full 2012 exemptions will have an additional $620,000 of exemption ($310,000 each) available for planning in 2015.
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 2015.
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 Linda Wank at (212) 826 5546 or firstname.lastname@example.org, Barbara Shiers at (212) 826 5526 or email@example.com, Jeffrey Marks at (212) 826 5536 or firstname.lastname@example.org, 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. Read more.
January 4 2018
IRS Proposes Rules to Deny Estate and Gift Tax Discounts for Family Businesses
There's important news for family business owners and their heirs. Read more.
August 23 2016
Recent Estate Tax Changes Create Planning Opportunities
On April 1, 2016, the New York State ("NYS") estate tax exclusion amount increased to $4,187,500, further narrowing the gap between the NYS estate tax exclusion amount and the Federal estate, gift and generation-skipping transfer ("GST") tax exemption amounts ($5,450,000 as of January 1, 2016). Read more.
April 25 2016