Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Klenk Law

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.

What Our clients are saying

Klenk Law Logo
Stars

Peter Klenk is an extraordinary attorney with positive guidance and knowledge for all of your Trust and Estate needs. We have used him for over 20 years.

Klenk Law Logo
Stars

When it came down to picking the right attorney to handle my affairs, I knew right away it was this firm. From speaking to their secretary to speaking to Peter I knew I was making the right decision. After only a few mins Peter knew right away what I was looking for and handled all my questions professionally and even gave me great feedback that put my mind at ease. All that without even giving a single penny! So of course I hired him! So far so good...

Klenk Law Logo
Stars

Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.

Klenk Law Logo
Stars

Always professional and very responsive. Everyone on the staff that I have worked with. I look forward to continuing our relationship.

Klenk Law Logo
Stars

I have had Peter Klenk prepare and revise my will. Always professional, knowledgeable and offers great advice. Highly recommend

Let us put our expertise to work for you.

Free consultation within 24 hours.