The IRS announced that the federal gift and estate tax exemption, which increases annually with inflation, will be $5.6 million per individual in 2018 (or $11.2 million for a married couple), a $110,000 increase from the 2017 exemption level of $5.49 million. The increase also applies automatically to the generation-skipping transfer tax exemption.  In addition, the federal annual gift tax exclusion will increase from $14,000 to $15,000 (or $30,000 for a married couple) per individual donee in 2018.

If you have questions regarding the new changes or any other information in this article, feel free to contact any of the experienced wealth preservation and asset protection attorneys at Dingeman & Dancer.