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IRS Provides 2016 Estate and Gift Tax Lifetime Exemption Figures, Does Not Change Annual Gift Tax Exclusion

Posted on Fri Nov 20, 2015, on Estate Planning

At the end of October, the IRS announced the 2016 estate and gift tax lifetime exemption and annual gift taxexclusion. These amounts are tied to inflation, which has been minimal due to a number of factors—especially the lack of a federal interest rate hike during the first three quarters of 2015.

The estate and gift tax lifetime exemption rose from $5.43 million in 2015 to $5.45 million in 2016. This means married couples can pass on $10.9 million free from federal estate tax. The annual gift exclusion did not increase, and will remain at $14,000 for 2016.

2017 should be an interesting year for the lifetime exemption. A bill to kill the exemption, which has almost tripled in the last 8 years, passed the House of Representatives in April of 2015. Various Presidential hopefuls have made their point of view known on the issue. We will keep you posted on the blog with any with any updates.

If you have any questions regarding estate or gift tax, please contact one of our Estate Planning or Estate Tax lawyers for a free consultation.

Peter KlenkPeter Klenk

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Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!

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"No mobile information will be shared with third parties/affiliates for marketing/promotional purposes. All the above categories exclude text messaging originator opt-in data and consent; this information will not be shared with any third parties. It is for use in setting consultation only. We will call or email you to schedule. If you receive a text, you may OPT OUT by replying STOP back to 215.790.1095"

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