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New 2024 U.S. Estate & Gift Tax Exemptions for 2024

NEW 2024 U.S. Estate & Gift Tax Exemptions for 2024The U.S. Treasury and IRS have published updated figures for various provisions of the Internal Revenue Code for the year 2024. The estate, gift, and generation-skipping tax exclusions are:

  • The Unified Credit Against Estate Tax basic exclusion amount and the generation-skipping transfer tax exemption will be $13,610,000 under Section 2010.
  • The Annual Exclusion for Gifts will be the first $18,000 of gifts to any person (other than gifts of future interests). The first $185,000 of gifts to a spouse who is not a citizen of the United States will not be included in total amounts of taxable gifts under Sections 2503 and 2523(i)(2).

For further information, see Internal Revenue Bulletin 2023-34.

Call or text Buffalo Estate Tax Lawyers at 716.333.5144 to review your estate planning.

Robert Friedman, Esq. Avatar

Robert Friedman, Esq.

Partner/Attorney Hamline University School of Law, New York State Bar, U.S. District Court for the Western District of New York

ROBERT FRIEDMAN, ATTORNEY BY THE NUMBERS

  • 30,000+ DANGEROUS DRIVERS SUCCESSFULLY PROSECUTED OVER THE PAST 35 YEARS AS A VEHICLE & TRAFFIC PROSECUTOR.  Named 2003 WNY Prosecutor of the Year.
  • 65 YEARS LAW FIRM HISTORY.
  • 47 YEARS OF EXPERIENCE PRACTICING LAW.
Areas of Expertise: Business Law, Elder Law, Estate Planning, Gun Laws, Medicaid Law, Personal Injury, Probate & Estates, Real Estate
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