For 2018, the estate tax exemption has increased to $5.6 million per individual, increased from $5.49 million in 2017. Thus, a married couple will be able to shield $11.2 million from federal estate and gift taxes.
The annual gift tax exclusion has finally increased to $15,000, after remaining at $14,000 since 2013.
For more information about the estate and gift tax limits, contact SMDA, P.C. at (586) 264-3756.