This tax is only a factor for high net worth individuals, because there is a relatively large estate tax credit or exclusion. During the current calendar year, the amount of this exclusion is $5.43 million. You can transfer up to $5.43 million tax-free, but anything that you are transferring beyond this amount is potentially taxable. There have been increases in the amount of the estate tax exclusion over the last several years, so there will probably be another relatively modest increase for the 2016 calendar year.
Topics covered in this report include:
- Married Couples
- Federal Gift Tax
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Attorney Caprice L. Collins is a top rated Harvard Law School graduate. She has 34 years of legal experience with a successful law practice devoted exclusively to Estate/Business Planning and Trust Administration. Attorney Collins is a well-respected keynote speaker on Wills, Living Trusts, Estate Planning, Business Planning and Trust Administration. She has appeared on California’s Real Estate Radio Station KTLK AM 1150 as a legal expert on Estate Planning and Living Trusts among many other notable media appearances.
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