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The Estate and Gift Tax Exemptions for 2017

2/20/2017

For this year, the lifetime estate tax exemption amount is $5.49 million dollars (an increase from $5.45 million in 2016). This means that if a person passes away in 2017, up to $5.45 million would be exempt from the federal estate tax. Anything over is subject to the federal estate tax rate (with a maximum tax rate at 40%).

The lifetime gift tax exemption amount is also $5.49 million dollars for individuals. An individual can leave up to $5.49 million to their heirs and not have to pay a gift tax for 2017. For a married couple, that will be $10.98 million dollars that they can give away without paying the federal estate or gift tax.

The annual gift exclusion remains the same at $14,000, meaning that an individual can give $14,000 to as many individuals as he or she would like in a given year.

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#LifeGoals - Have You Accomplished Your Estate Planning Goals for 2017?

2/6/2017

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Most of us start the new year with new goals (or goals from last year), but by mid-February, those efforts can lose steam. Have you made it your goal to create a plan for your family if something were to happen to you? Here’s what a well thought out estate plan can help you accomplish:

Name guardians for your minor children: If you have not named guardians for your minor children in a will, the court may decide who will care for your children and it may not be someone who you wanted to be the guardian.
Control your finances: With a durable power of attorney, you can save your family and loved ones from the expense and emotional headaches of having to go to probate court to take control of managing your financial affairs via a conservatorship in case of incapacity.
Control where your assets will go and naming the right beneficiaries: If you do not have a plan, the State will have a plan for you and your assets may go to those whom you never intended to receive them.
Control health care decisions: With an advance health care directive, you can designate the people who you trust and will be responsible to make health care decisions for you should something happen to you.
Avoid the expensive probate process and save time and headaches: The probate process could take up a minimum of 1 year to finally get your assets distributed. And avoiding probate means avoiding paying high attorney’s fees, administrator fees, court costs, etc.
Keep the peace in the family: By determining where your assets will go and having the right beneficiaries named on retirement and bank accounts, you can help ensure family harmony and fend off any potential inheritance disagreements.

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The Estate and Gift Tax Exemptions for 2017

#LifeGoals - Have You Accomplished Your Estate Planning Goals for 2017?

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​The Estate and Gift Tax Exemptions for 2017

#LifeGoals - Have You Accomplished Your Estate Planning Goals for 2017?

About the Author

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The Estate and Gift Tax Exemptions for 2017