IRS Announces 2018 Estate & Gift Tax Limits

The IRS has just released the 2018 table of upcoming exemptions, limits and deductions. 

As far as estate planners are concerned, the most interesting items involve the sizeable increase in the estate and gift tax exemption, which will now be $5.6 million per person (or $11.2 million per couple).

In addition, the annual gift tax exclusion amount, which has been stagnant at $14,000 per year since 2013, will now increase to $15,000.  

If families have previously "maxed-out" their previous gifts, they now have additional exemption to play with and can consider making additional tax-efficient gifts.  Assuming there are no changes brought on by the Trump administration and Congress, these changes will largely be well-received.