This is not a substitute for legal advice.
In November, the IRS announced the revised federal estate tax and gift tax limits for 2020. For 2020, the federal estate tax limit will increase from $11.4 million to $11.58 million. The federal gift tax limit will remain at $15,000 in 2020. In Maryland, state estate tax limits will stay at $5 million.
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Image by Shane Kemp
Editor’s note: Based on the passage of the Tax Cut and Jobs Act this post is no longer correct. I will provide an updated post soon.
This is not a substitute for legal or tax advice.
In October, the IRS announced the revised federal estate tax and gift tax limits for 2018. For 2018, the federal estate tax limit will increase from $5.49 million to $5.6 million. The federal gift tax limit will increase from $14,000 in 2017 to $15,000 in 2018. In Maryland, state estate tax limits will increase to $4 million (up from $3 million in 2017). Continue reading
Photo source, USDA
This post is not legal advice or tax advice
For anyone not paying attention, late last month the IRS announced the revised federal estate tax and gift tax limits for 2017. For 2017, the federal estate tax limit will increase from $5.45 million to $5.49 million. The federal gift tax limit will remain at $14,000 for 2017. In Maryland, state estate tax limits will increase to $3 million (up from $2 million in 2016). Continue reading