2024 Estate and Gift Tax Update
| Federal Estate, Gift, and GST Tax Exemption for 2024: The federal estate, gift, and generation-skipping (“GST”) tax exemption is $13,610,000 per taxpayer, an increase of $690,000 from 2023. This means that a married couple can shield a total of $27.22 million from federal estate, gift, and GST tax in 2024. For individuals with significant estates who are looking to minimize their tax burden, the estate planning process can be even more complex. |
| Proactive planning is key for high net worth individuals. These higher exemptions are scheduled to sunset on January 1, 2026, and revert to where they were in 2017. Indexed for inflation, the estate tax exemption will revert to approximately $7 million for individuals and $14 million for married couples in 2026. A proper estate plan will provide both your client and their heirs peace of mind and financial security. We work in coordination with the clients’ CPA, attorney, banker and other advisors to create a custom-tailored estate plan. With decades of experience working with high-net-worth clients, we can help guide your client in implementing the correct estate plan. |
Goldberg & Goldberg PC
445 Broadhollow Road
Suite 25
Melville, New York 11747
516-222-0422 p
516-222-2773 f