Categories Menu

Posted by on Jan 1, 2017

Tax Updates for 2017

Tax Updates for 2017

Happy New Year!  Tax updates for the new year:

  • The Federal Estate Tax exemption amount has increased to $5.49 million per person.  With portability, this means a married couple can collectively transfer just less than $11 Million ($10.98 Mill to be precise).
  • The annual gift tax exclusion amount remains at $14,000 per person.  For a married couple, they can each make a gift of $14,000 to the same individual, providing for a total gift of $28,000 to that person.