2020 Estate and Gift Tax Update


2020 Changes to the Federal Estate Tax

In 2020, the IRS made small changes to the estate tax (and related taxes), mainly adjusting for inflation.
Federal Estate Tax Exemption — $11.58 million.
Unless your taxable estate is worth more than $11.58 million, your estate will not owe federal estate tax if you die in 2020. This is an incremental increase from $11.4 million in 2019. Portability continues to greatly increase the power of this exemption for married couples who can now leave up to $23.16 million without paying Federal estate tax.

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