The annual Federal Gift exclusion has been increased for 2018 to $15,000 for an individual and $30,000 for a married couple who split gifts. For lifetime gifts, the amount has now increased to $11,200,000 cumulatively per person and $22,400,000 for married couples. These same amounts apply to transfers at death but the surviving spouse does not automatically receive any of the unused exemption of a deceased spouse. The must file an Estate Tax Return Form 706 in order to claim the unused exemption. For individuals or couples that have estates approaching these amounts, planning becomes more critical than ever.
2018 Gift Exclusion Update
About the Author: Denis Shelley
- March 8th, 2018|Comments Off on Estate Planning – thinking about long term care and Medicaid