Tax
Apr. 13, 2018
Use it or lose it: the newly doubled estate and gift tax exclusion
The possibility of a California estate tax is only one more reason to engage in sophisticated estate tax planning now, while the “doubled” exclusion is available.
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
In 2010, Congress enacted a $5 million lifetime transfer (estate, gift and generation skipping transfer) tax exclusion. That allowed each person to transfer $5 million free of gift, estate and generation skipping transfer tax. That figure has been increased by the cost of living after 2011. As a result, it became $5.12 million (2012); $5.25 million (2013); $5.34 million (2014); $5.43 million (2015); $5.45 million (2016); and $5.49 million (2017).
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