Federal Estate Death Tax Exclusion Limit Will Rise to $5.49 Million Dollars in 2017

By Fredrick P. Niemann, Esq. of Hanlon Niemann & Wright, a Freehold, NJ Estate Planning Attorney

The IRS has announced that the Federal estate tax exclusion amount for estates of persons dying during calendar year 2017 will be $5.49 million, up from $5.45 million for calendar year 2016.

The increase in the estate tax exclusion means that the lifetime tax exclusion for gifts will also rise to $5.49 million, as will the generation-skipping transfer tax exemption. The annual gift tax exclusion will remain at $14,000 for 2017.

For details on many of these and other inflation adjustments to tax benefits, go to: https://www.irs.gov/pub/irs-drop/rp-16-55.pdf

To discuss your NJ Estate Planning matter, please contact Fredrick P. Niemann, Esq. toll-free at (855) 376-5291 or email him at fniemann@hnlawfirm.com.  Please ask us about our video conferencing consultations if you are unable to come to our office.