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IRS proposes higher estate and gift tax exemption

According to a recent article from Bloomberg, the IRS has proposed a potential benefit for wealthy taxpayers, saying that individuals who give lots of gifts to their heirs under a generous but temporary provision of the 2017 Republican tax overhaul won’t later owe taxes on them.

Here’s a summary of the proposed regulation on estate and gift taxes.

Bottom line: This won’t apply to most, but if you want to take advantage of the doubled lifetime estate tax exemption, 2018 – 2025 is the time to do it!

For more information on this and other estate and gift tax exemptions, contact a ShindelRock tax professional today.