2024 Gift Tax and Estate Tax Exclusions
Take advantage of the increased lifetime gift tax and estate tax exclusions. The IRS has increased the estate tax and lifetime gift tax exclusions offering an opportunity to preserve wealth for generations.
The federal estate tax threshold amount for generation-skipping transfers is $13,610,000 for indviduals in 2024, reflecting an increase of $690,000. That means married couples don't have to pay estate tax if their estate is worth $27.22 million or less.
The value of gifts made to any person (excluding gifts of future interests in property) that are not included in the total amount of taxable gifts in 2024 is $18,000. This represents an increase of $1,000 over 2023. It means a person can give up to $18,000 during the year to as many people as he or she wants without having to pay any taxes on the gifts.
If you have questions or would like to learn more about how you can preserve your wealth, give Legacy Law Firm a call at (605) 275-5665.