2023: Death and Gift Taxes
Certain taxes are triggered when you transfer assets upon your death (“Estate Tax”).
Estate Tax Rate: 40%
Exemption Amount**: 12.92mm per person (25.84mm if married)
** explained another way – you will not owe estate taxes if all the assets, including life insurance, is less than this amount.
Annual Gift Tax Exclusion: $17,000 ($34,000 if married)
** explained another way – if married, you may give away $34,000 this year to each different recipient. Meaning, if you have four (4) kids, you can give each kid $34,000.00
Now is the time to discuss strategies to save your family estate taxes upon your death – call us today to schedule an appointment.