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Wednesday, October 26, 2016

IRS Announces Estate and Gift Tax Exemptions for 2017


The IRS has finally released information on federal estate and gift tax exemptions for 2017.  

Individuals will have a federal estate tax exemption of $5.49 million (less lifetime taxable gifts) beginning in 2017.  The federal estate tax exemption applies both to lifetime taxable gifts (those exceeding the annual exclusion amount discussed below) and gifts at death -- either outright or in trust.  So, an individual who makes lifetime taxable gifts of $1.
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