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​The Estate and Gift Tax Exemptions for 2017

2/20/2017

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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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    Christine Chung, Esq.
    christine@christinechunglaw.com
    949.529.1480

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  • Home
  • About Us
    • Our Philosophy
    • Our Planning Process
    • Our Fees
  • Attorney
  • Virtual Services
  • Practice Areas
    • Estate Planning
    • Probate Administration
    • Trust Administration
  • Blog
  • FAQ
    • Estate Planning
    • Probate
    • Trust Administration
  • Contact Us