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 More Reviews

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
Year of Death		Frequently Asked Questions		Guide to Estate Taxes	CT Tax Summary
	Federal Estate/Gift Tax Lifetime Exemption	Lifetime Gift Exemption	Annual Gift Exclusion	MA Estate Tax Threshold	CT Estate Tax Threshold
2024	$13,610.00  Source: IRS	Lifetime gifts greater than Annual Gift Exclusion amounts  count against lifetime estate/gift exemption	$18,000 per person per year	$2 million	federal exemption amount for deaths on or after January 1, 2023
2023	$12,920,000	Same	$17,000	$2 million	federal exemption amount for deaths on or after January 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 This is a unified credit, which covers taxable gifts during a person's lifetime	$5 million, combined with value of estate	$13,000	$1 million	$2 million
2010 Option 1	Modified Carry over basis $1.3 million, plus $3 million for qualified property of surviving spouse.	$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
2009	$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