Estate Tax Exemption Changes for 2024
The federal estate and gift tax exemption continues to increase. For the tax year 2024, the estate/gift exemption is $13,610,000 per individual or $27,220,000 for a married couple. The top tax rate for estate taxes remains at 40%. The federal estate tax provisions still include the concept of “portability”. Portability allows a married couple to double the estate tax exclusion. For 2024, married couples are able to protect $27,220,000 without incurring federal estate tax. However, absent action by Congress, the estate tax rates are scheduled to sunset on January 1, 2026. At sunset, the estate tax exemption will revert to... Read More