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2018 Changes in NYS Estate & Gift Tax Exemption

December 01, 2017

 

The Estate and Gift Tax Exemption is changing. In 2018, the estate and gift tax exemption will be $5.6 million per individual, whereas it is only $5.49 million in 2017. Therefore, in 2018, an individual can leave $5.6 million to heirs (including certain prior lifetime gifts) and pay no federal estate or gift tax, and a married couple will be able to shield $11.2 million from federal estate and gift taxes. Lastly, the annual gift exclusion amount, which has been $14,000 since 2013, is going up to $15,000 in 2018.

The information provided in this article is not intended as and should not be used as tax advice.

 

 

 

 

 

 

Prior results do not guarantee a similar outcome. All information posted is general advice only, based upon the rules of NYS, and is not intended to be a substitute for personal legal advice. Although information provided here was accurate as of the date of posting, laws change frequently and rules in other jurisdictions may differ. Therefore, readers should not rely upon these postings but should consult an attorney to discuss their specific factual situation.

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