Congress Passes ABLE Act Donating IRAs to Charity

2016 Estate and Gift and Generation Skipping Tax Exemptions

The IRS has announced the 2016 Estate and Gift and Generation Skipping Tax exemptions. The exemptions will increase from the current $5,430,000 to $5,450,000. The annual exclusion for a gift will remain at $14,000 per donee.

Illinois as well as 17 other states retain a separate estate and/or inheritance tax. The Illinois exemption remains at $4,000,000.

Related Posts
  • All
  • By Author
  • By Category