As we enter a new tax year, we have new exemption and exclusion amounts which have been adjusted for inflation.
The Federal Unified Credit for Estate and Gift Tax is now $5,430,000
The Federal GST Exemption is now $5,430,000
The Federal Annual Gift Tax Exclusion remains at $14,000
The Federal Estate and Gift and GST Tax Rates remain at 40%
Florida continues to have no state gift or estate tax
As always, an estate planning attorney should be consulted on the best way to save on estate taxes. Please contact our office to schedule an appointment to discuss your specific situation.