estate tax

2018 ESTATE AND GIFT TAX UPDATE

The 2018 federal exemption against estate and gift taxes is $5,600,000 per person. The current federal estate tax rate 40% for estates that exceed the exemption amount. The federal gift tax annual exclusion increased to $15,000 per person per donor. This is a $1,000 increase to annual exclusion amount, which had been stuck at $14,000 …

Those Nasty State Inheritance, Estate and Gift Taxes

A recent editorial in the Wall Street Journal titled “The Die Harder States” illustrates what a heavy toll that 18 eastern, mid-western and western states are extracting on deaths of their citizens in the form of state gift taxes and state estate taxes, inheritance taxes or both. An estate tax is imposed on the estate …