Federal Estate Tax and Gift Tax Limits Announced For 2019

Image by Sridhar Sara. Image of barns and farm from road in Maryland

This is not a substitute for legal advice. 

            In November, the IRS announced the revised federal estate tax and gift tax limits for 2019.  The 2019 federal estate tax limit will increase from $11.18 million to $11.4 million.  The federal gift tax limit will remain at $15,000.  In Maryland, state estate tax limits will increase to $5 million, up from $4 million in 2018.

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Revised Article on Property Ownership Forms Available

 

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Photo by Dave Emerson via Flickr

 

I’ve been out discussing farm succession planning for the past few weeks with a great team of co-presenters.  With the workshops, I cover the tools that can help pass the farm on to the next generation or achieve other goals.  One tool is co-owning property in a way that allows for ease of transfer.  Owning property as a joint tenant or as cotenants can come with different rights and responsibilities. Continue reading