Estate Tax – Higher estate tax exclusion amount in 2019
The IRS recently announced the new estate tax numbers for 2019. Per Rev. Proc. 2018-57, the new estate tax exclusion amount will be $11.4 million for an individual and $22.8 million for a married couple. This number is a slight inflation adjusted increase from the 2018 estate tax exclusion amount of $11.18 million for an individual and $22.36 for a married couple. The annual gift tax exclusion remains at $15,000 and does not change from the 2018 number.
As the Tax Cuts and Jobs Act is set to expire in the end of 2025, now may be the best time to do your estate planning. If you have any further questions related to the increased estate tax, please do not hesitate to contact our office.