The estate and gift tax exemption for 2016 is increased to $5.45 million per individual– increased from $5.43 million in 2015. With the exemption, a US citizen is able $5.45 million to heirs and pay no federal estate or gift tax. A married couple may combine the exemptions to protect $10.9 million from federal estate and gift taxes. The annual gift exclusion stayed at $14,000.
- Have you had your Artwork Appraised?
- CMS Announces Spousal Allowance Amounts unchanged for 2016