The U.S. Treasury and IRS have published updated figures for various provisions of the Internal Revenue Code for the year 2024. The estate, gift, and generation-skipping tax exclusions are: The Unified Credit Against Estate Tax basic exclusion amount and the generation-skipping transfer tax exemption will be $13,610,000 under Section 2010. The Annual Exclusion for Gifts will […]
Category Archives: Estate Income & Gift Tax
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The passing of a loved one is undoubtedly a challenging time, and the process of settling their estate can add further stress to grieving family members. Probate, the legal process of distributing a deceased person’s assets and settling their debts, can be lengthy and expensive. However, residents of Rochester, like many others across the United […]