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2021 ESTATE AND GIFT TAX INFLATION ADJUSTMENTS

Thursday, April 1, 2021
Category: Estate Planning and Estate Administration

The IRS has issued the final estate and gift tax inflation adjustments for 2021:

1.) The gift tax annual exclusion amount will remain at $15,000;

2.) The estate and gift tax exemption has increased to $11.7 million; and,

3.) The Generation-skipping transfer tax exemption has increased to $11.7 million.

Ref: Tax Update by George C. Deeney, Philadelphia Bar Association Probate and Trust La Section Newsletter, March 2021

Kindly visit our Trust & Estate Planning and Estate Tax Planning websites or contact one of our Estate Attorneys, Philadelphia or Estate Planning Attorneys, Philadelphia for more information on this topic.

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