Wills, Trusts & Estates: Plain and Simple – Estate and Gift Taxes for 2020: Is It Better to Make A Large Gift Sooner Rather Than Later?

Farrell Fritz, P.C.
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Under the federal tax law, the amount of each person’s federal estate and gift tax exemption, combined, is $11.58 million in 2020 (and scheduled to increase annually for inflation though 2025). This exemption amount applies to the total taxable gifts made during an individual’s lifetime and the value of property transferred at death to someone other than a spouse or charity. Once the gifts combined with transfers at death exceed $11.58 million, a federal tax of 40% will be imposed on the amount exceeding $11.58 million.

Originally published in Lloyd Harbor Life - February 2020.

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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