Law Offices of Christine Chung
  • 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

2016 Estate And Gift Tax Exclusions: The $5.45 Million Dollar Tax Break for Individuals

3/28/2016

3 Comments

 
Picture
The IRS has set new estate and gift tax limits for 2016. The estate and gift tax exemption will now be $5,450,000 per individual, up from $5,430,000 in 2015. This means that an individual can leave $5.45 million to their heirs and pay no federal estate or gift tax for 2016 (considering he or she did not previously make any gifts during his or her lifetime).  A married couple will be able to exempt $10,900,000 from federal estate and gift taxes.  But it's not automatic.  Under the rules of portability, the surviving spouse  must elect to use portability by filing an estate tax return for the estate of the first spouse to die, even when no tax is due. 

Separate from this lifetime gift exemption amount is the annual gift tax exclusion amount.  The annual gift exclusion remains the same at $14,000 and an individual can give $14,000 to as many individuals as he or she would like. 





​

Reference: 
http://www.forbes.com/sites/ashleaebeling/2015/10/22/irs-announces-2016-estate-and-gift-tax-limits-the-10-9-million-tax-break/

​
3 Comments
Sylvia link
3/11/2023 11:27:30 am

Thank you for making this such an awesome post!

Reply
Joe Myers link
3/11/2023 11:55:19 am

Under the rules of portability, the surviving spouse must elect to use portability by filing an estate tax return for the estate of the first spouse to die, even when no tax is due.

Reply
Clarksville Thots link
12/29/2024 04:02:12 am

Nice blog thanks ffor posting

Reply



Leave a Reply.

    About the Author

    Christine Chung, Esq.
    [email protected]
    949.529.1480

    Archives

    March 2020
    January 2020
    November 2019
    October 2019
    November 2018
    April 2017
    March 2017
    February 2017
    January 2017
    November 2016
    October 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    March 2015
    January 2015
    September 2014
    July 2014
    June 2014
    April 2014
    March 2014
    February 2014

    Categories

    All
    Advance Health Care Directive
    Digital Assets
    Digital Property
    Estate Planning
    Estate Tax
    Fiduciary
    Guardian
    Health Care Power Of Attorney
    Income Taxes
    Joint Tenancy
    Living Trust
    Probate
    Trustee
    Wills

    RSS Feed

    View my profile on LinkedIn
Picture
Home | About Us | Attorneys | Virtual Services | Practice Areas | FAQs | Contact Us 

© 2018 Law Offices of Christine Chung. All rights reserved. Disclaimer/Privacy Notice
  • 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