Estate and gift taxes are levied on transfers of property during lifetime and at death. The federal government and many state governments impose such taxes and adjust the amounts subject to tax annually for inflation (or...more
For the first time in several years, the annual gift tax exclusion amount will increase from $15,000 to $16,000 per donor (or $32,000 for married couples who elect to split gifts), as the IRS recently announced in Rev. Proc....more
The current federal unified estate and gift tax exemption of $11.7 million per person is set to automatically revert to approximately $6 million on January 1, 2026. However, with a new president and rebalancing in the House...more