Nov 10

On November 2, 2015 the IRS published updated estate, gift and generation-skipping transfer tax figures.  These amounts will be effective beginning on January 1, 2016.

2016 Basic Exclusion Amount for Estate and Gift Tax: $5,450,000

2016 Generation-Skipping Transfer Tax Exemption: $5,450,000

2016 Gift Tax Annual Exclusion: $14,000

2016 Gift Tax Annual Exclusion for Gifts Made to Non-U.S. Citizen Spouse: $148,000

The federal estate, gift and generation-skipping transfer tax rate will continue to be 40%.

For individuals who do not reside in Florida, or have assets outside of Florida, additional state level taxes may also apply.