2019 Estate and Gift Tax Update

2019 Estate and Gift Tax Update

For 2019, the Federal Estate and Gift Tax exemption amount has been raised to $11,400,000, from $11,200,000 due to an inflation adjustment.

This is the amount each person can pass before owing any federal estate taxes. If you are married, you and your spouse can each claim the exemption for a total of $22,800,000. It means that very few people need fear the estate tax.

In 2018, of the many millions of people who died, there were about 1,890 taxable estates according to the Tax Policy Center.

By comparison, in 2013 the exemption amount was $5,000,000 per person and there were about 4,687 taxable estates.

In the year 2000 the estate exemption was only $675,000 and there were about 52,000 taxable estates that year.

Source: https://www.taxpolicycenter.org/

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