Blog: Estate Planning For 2016
November 3, 2015
As of the date of this article, it is not 2016 but it will be here very soon. The IRS has already announced that for federal gift tax purposes they have not changed the annual exclusion of $14,000.00.This means that in 2016 you can give $14,000.00 to any person per year without filing a gift tax return. A husband and wife could give a child $28,000.00 a year. This is a great way to transfer assets. For federal estate tax purposes, the exemption goes up from $5.43 million to $5.45 million. That increase is based on inflation. What this tells us is that inflation has been low. With a total of $10.9 million that can be transferred to family by a husband and wife, very few people will face federal estate tax if they do some planning.
This blog post is authored by Daniel D. Dykstra and meant for informational purposes only. It is not meant to provide legal advice in any particular circumstance or factual situation. You should consult with an attorney prior to taking any action regarding the information contained herein.