IRS Announces New Gift Tax for 2019 Estate Tax Limits | Monroe Township - Middlesex County
Website Home Contact Us Blog Archives Blog Home

Interesting Image
 
 
 

Would you like more information on:

 
 
 
Schedule a Phone Call
to discuss your planning needs!
Click to Schedule an Appointment







Website Home


Topics



Archives


Contact Information

Forsgate Commons
241 Forsgate Drive
Monroe, NJ 08831
PH: (732)521-WILL (9455)
FX: (732)521-1204
Info@LawEsq.net
www.LawEsq.net






IRS Announces New Gift Tax for 2019 Estate Tax Limits

December 10, 2018

Filed under: Estate Taxes — Neel Shah @ 9:15 am

The IRS recently announced their 2019 details about gift tax and estate tax limits. The official limits for 2019 increased the individual estate and gift tax exemption to $11.4 million per person up from $11.18 million in 2018.

This means that you are eligible to pass on up to $11.4 million to beneficiaries and heirs without paying any federal, estate or gift tax. This also means that a married couple can pass on as much as $22.8 million with appropriate shielding strategies recommended by an estate planning attorney. The annual gift exclusion will stay the same at $15,000. 

These numbers represent numerous planning opportunities for the wealthy and even if you don’t currently have a taxable estate, you’ll still need an estate plan. Scheduling a consultation with an experienced estate attorney is important because the affluent must still continue to plan around the estate tax.

Advanced strategies might be required for someone who is unfamiliar with the estate tax laws or who has recently come into a large amount of money. In all of these situations, a consultation with an experienced estate planning attorney can make a big difference.

Leave a Reply

Your email address will not be published. Required fields are marked *