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Cedar Knolls, NJ 07927

2016 Estate and Gift Tax Exemption Amounts Announced

Tax Planning attorney Cedar Knolls

The Internal Revenue Service (IRS) has announced that for 2016 the estate and gift tax exemption limit increases to $5.45 million per person, an increase from $5.43 million per person.  A qualifying married couple can now gift during life or at death up to $10.9 million without incurring federal estate or gift taxes.   These changes do not impact the New Jersey estate tax exemption which continues at $675,000 per person.

For a full review of the IRS changes, See Ashlea Ebeling, IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break, Forbes, October 22, 2015.

Getting Legal Help

Experienced Estate Planning Attorney, Elga A. Goodman, can help you with all your estate planning needs.  Contact us today at 973-841-5111.

Posted in: Estate Planning, Estate Tax, New York Estate Planning