Under the new tax law enacted effective January 1, 2018, Congress doubled the gift, estate and generation-skipping transfer (GST) exemptions. Based on inflation adjustment information available at that time, those amounts were estimated by practitioners. Last week, the IRS officially announced the gift, estate and GST exemption for 2018 will be $11,180,000. The gift tax annual exclusion for 2018 also increased to $15,000 per donee.
If you have any questions regarding planning opportunities related to the increased exemption amount, please contact Jeff Gehring in the Lexington, Kentucky office at 859-899-8713, or an estate planner in one of our other offices.