LEGAL GUIDE
Written by attorney Kera Murphy Reed | Jan 23, 2019

Estate and Gift Tax Update 2019

The Tax Cuts and Jobs Act (the “Act”) increased the federal estate tax exclusion amount for decedents dying in years 2018 to 2025. The exclusion amount is for 2019 is $11.4 million. This means that an individual can leave $11.4 million and a married couple can leave $22.8 million dollars to their heirs or beneficiaries without paying any federal estate tax. This also means that an individual or married couple can gift this same amount during their lifetime and not incur a federal gift tax. The rate for the federal estate and gift tax remains at 40 percent

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