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
- Planning for California’s Proposition 19 - December 1, 2020
- Living Trust Protections for African Americans Against Medi-Cal Recovery - October 13, 2020
- Don’t Let the State Take Your Child’s Inheritance Just Because They’ve Gone to Jail - October 13, 2020