The IRS has announced that the basic estate tax exemption amount for the estates of decedents dying during calendar year 2016 will be $5.45 million, up from $5.43 million for calendar year 2015. For married couples, the combined total is now $10.9 million.
It is important to note that the tax rate on amounts that exceed the exemption amount is 40%.
The annual gift tax exclusion remains at $14,000.
We work with individuals and families to develop Estate Plans and Gifting Plans to utilize the available exclusions. For more detailed information and to discuss your specific case, call us today at (678)781-9230 or email us at sgrissom@grissomlawfirm.com to schedule an appointment.
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This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.