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
- How to Leave Assets for Your Minor Children in Your Estate Plan - July 21, 2021
- Can a Beneficiary Sell His/Her Interest in a Trust? - July 19, 2021
- 5 Things to Consider When Creating Your Estate Plan - July 16, 2021