NEWS

2016 Estate and Gift Tax Limits

January 20, 2016

Michael J. Rankin reports for 2016 the estate and gift tax exemption is $5.45 million per individual which is an increase from $5.43 million in 2015. An individual can leave $5.45 million to his/her heirs and pay no federal estate or gift tax and a married couple with proper planning could potentially shield up to $10.9 million from federal estate and gift tax.   

The annual gift exclusion amount remains at $14,000.00 and the New Jersey’s estate tax exclusion remains unchanged at $675,000.00.   

Please contact Michael J. Rankin if you have any questions or need any assistance in connection to this subject.