Business Law Articles
On October 25, 2016, the Internal Revenue Service announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including inflation adjusted annual increases to the federal gift and estate tax exemption for 2017.
Estates of decedents who die during 2017 have a basic exclusion amount of $5,490,000, up from a total of $5,450,000 for estates of decedents who died in 2016. Individuals can make lifetime gifts of property and/or money in the amount of $5,490,000 ($10,980,000 for married couples) without paying estate or gift taxes.
The annual gift tax exclusion remains at $14,000 per person per year. Gifts up to these amounts can be made tax free to as many people as the donor would like.
Douglas DeNardo, Esq.
About the Author
Douglas DeNardo represents individuals, professionals, and owners of closely-held businesses and professional corporations and associations, working with them to develop strategies to meet their wealth transfer goals. Doug also counsels professionals and business owners on comprehensive asset protection planning strategies, including domestic asset protection trusts. Doug can be reached at (412) 338-1140 or DDenardo@rothmangordon.com.