For 2017, the estate and gift tax exemption is $5.49 million per individual, up from $5.45 million in 2016. That means an individual can leave $5.49 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield just shy of $11 million ($10.98 million) from federal estate and gift taxes. The annual gift exclusion remains at $14,000 for 2017.
The federal estate and gift tax exemptions rise with inflation, and the Internal Revenue Service announced the new numbers here. Forbes’ Kelly Phillips Erb has all the details on 2017 income tax rates here.
Arthur H. Geffen
Attorney & Counselor at Law
1620 East Beltline Road
Carrollton, TX 75006
972-242-8887
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https://www.dallasestateattorney.com
Business Organizations, Tax, Estates & Trusts, Probate
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