Estate and Gift Tax Update 2019
The Tax Cut and Jobs Act of 2017 dramatically increased the Unified Estate and Gift Tax Credits available to individuals passing away in 2018 and beyond. The Department of Treasury has issued the new inflationary amounts for those passing away in 2019 as follows:
- Estate and Gift Tax Exemption Equivalent: $11,400,000.00
- Annual Gift Tax Exclusion Amount: $15,000.00
- Generation-Skipping Tax Exemption Equivalent: $11,400.000.00
These increased estate and gift tax limits and the State of Tennessee’s lack of either a gift or estate tax mean that most people will not pay estate or gift taxes.
Contact a member of the Estate Planning and Administration Practice Group for more information or for other estate planning needs.