IRS Announces 2016 Estate and Gift Tax Exemption Amounts

The IRS recently announced that the 2016 estate and gift tax exemption limits would rise from $5.43 million per person ($10.86 million per couple) in 2015, to $5.45 million per person ($10.90 million per couple) in 2016. Individuals may transfer an additional $20,000.00, and married couples an additional $40,000.00, without estate and gift tax implications. The annual gift tax exclusion amount remains at $14,000.00 per person for 2016.

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.