- IRS Announces 2018 Estate and Gift Tax Exemption Amount
- November 22, 2017 | Author: Stephanie L. Pate
- Law Firm: Leech Tishman - Pittsburgh Office
The Internal Revenue Service (the “IRS”) recently announced the 2018 estate and gift tax exemption amount. For 2018, an individual can transfer up to $5.6 million ($11.2 million per couple) without incurring federal estate or gift tax.
Additionally, the IRS announced that the 2018 annual gift tax exclusion amount will increase to $15,000 per donee (up from $14,000). This means that you can transfer up to $15,000 per person without incurring any gift tax liability or reducing your unified credit amount of $5.6 million so long as the gift is of a present interest.While there is potential for tax reform that calls for the elimination of the federal estate tax, please continue to take advantage of lifetime gifting strategies, which will lessen, or even eliminate, your federal estate and gift tax liability.