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 be the first $18,000 of gifts to any person (other than gifts of future interests). The first $185,000 of gifts to a spouse who is not a citizen of the United States will not be included in total amounts of taxable gifts under Sections 2503 and 2523(i)(2).
For further information, see Internal Revenue Bulletin 2023-34.
Call or text Rochester Estate Tax Lawyers at 585.484.7432 to review your estate planning.