Estate & Gift Tax Basics: Estate Values that Require Estate Tax Planning
Estate and Gift taxes are "transfer taxes" levied on the estates of people who leave assets that are worth more than the state and Federal Exclusion Amounts on this chart. Current tax law gives a surviving spouse the right to take advantage of any federal estate and gift tax exemption left unused by the predeceased spouse. So, the estates of decedents who are survived by a spouse can pass any of the decedent’s unused exclusion to the surviving spouse. We can makde election with a timely filed estate tax return for the decedent's estate.
Client Review: He guided us through understanding complex state tax and estate laws and helped us make appropriate decisions after our father died. He assisted our family in settling our mother's estate when she passed, navigating necessary legal filings, communicating with financial advisors and preparing the estate tax return. We were able to avoid probate. Posted on Martindale.com June 25, 2018 
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Call me if you are planning or managing an estate that is affected by these state and federal estate tax thresholds:
Estate & Gift Tax Threshold Amounts |
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Year of Death |
|
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Lifetime Gift Exemption |
Annual Gift Exclusion |
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| 2025 | $13,990,000. | Lifetime gifts greater than Annual Gift Exclusion amounts count against lifetime estate/gift exemption | $19,000 per person per year | $2 million | federal exemption amount for deaths after Jan 1, 2023 |
| 2024 | $13,610,000. Source: IRS |
same | $18,000 per person per year | $2 million | federal exemption amount for deaths after Jan 1, 2023 |
| 2023 | $12,920,000. | Same | $17,000 | $2 million | federal exemption amount for deaths after Jan 1, 2023 |
| 2022 | $12,060,000. | Same | $16,000 | $1 million | $9.1 million |
| 2021 | $11,700,000. |
Same | $15,000 | $1 million | $7.1 million |
| 2020 | $11,580,000. | Same | $15,000 | $1 million | $5.1 million |
2019 |
$11,400,000
. |
Same |
$15,000 |
$1 million |
$3.6 million |
2018 |
$11,200,000. |
Same |
$15,000 |
$1 million |
$2.6 million |
2017 |
$5,490,000 |
$5.49 mil |
$14,000 |
$1 million |
$2 million |
2016 |
$5,450,000. |
$5.45 mil |
$14,000 |
$1 million |
$2 million |
2015 |
$5,430,000. |
$5.43 mil |
$14,000 |
$1 million |
$2 million |
2014 |
$5,340,000. |
$5.34 mil |
$14,000 |
$1 million |
$2 million |
2013 |
$5,250,000. |
$5.25 mil |
$14,000 |
$1 million |
$2 million |
2012 |
$5.12 million per person |
$5.12 mil |
$13,000 |
$1 million |
$2 million |
2011 |
$5 million/person |
$5 million, combined with value of estate |
$13,000 |
$1 million |
$2 million |
2010 |
Modified Carry over basis |
$1 mil. |
$13,000.00 |
$1 million |
$3.5 million |
2010 Option 2 |
$5 million per person |
$5 million, combined with value of estate |
$13,000 |
$1 million |
$3.5 million |
$3.5 million |
$1 mil. |
$13,000 |
$1 million |
$ 2 million |
|
2008 |
$2 million |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
2007 |
$2 million |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
2006 |
$2 million |
$1 mil. |
$12,000 |
$1 million |
$ 2 million |
2005 |
$1.5 million |
$1 mil. |
$11,000 |
$950,000 |
$ 2 million |
2004 |
$1.5 million |
$1 mil. |
$11,000 |
$850,000 |
|
2003 |
$1 million |
$1 mil. |
$11,000 |
$700,000 |
|
2002 |
$1 million |
$1 mil. |
$11,000 |
$1 million |
|
Estate Assets Checklist & Certification Form