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Inflation adjusted annual increases to the federal gift and estate tax exemption

November 14, 2016

2017 Year End Gift & Estate Tax Planning

On October 25, 2016, the Internal Revenue Service announced the tax year 2017 annual inflation adjustments for more than 50 tax provisions, including inflation adjusted annual increases to the federal gift and estate tax exemption for 2017.

Estates of decedents who die during 2017 have a basic exclusion amount of $5,490,000, up from a total of $5,450,000 for estates of decedents who died in 2016. Individuals can make lifetime gifts of property and/or money in the amount of $5,490,000  ($10,980,000  for married couples) without paying estate or gift taxes.

The annual gift tax exclusion remains at $14,000 per person per year. Gifts up to these amounts can be made tax free to as many people as the donor would like.

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