It’s official — for 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015.
That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes.
The annual gift exclusion remains the same at $14,000.
For more information about estate planning, please contact our Estate Planning Attorney in Woodland Hills today: (818) 501-5800
Posted in Estate Planning
Tagged 2016, attorney, Estate Planning, Estate Tax, Estate Tax Exemption, Estate Tax Exemption Increase, Gift Tax, Gift Tax Exemption, Gift Tax Exemption Increase, lawyer, Los Angeles, Woodland Hills
A revocable living trust allows couples to effectively double the estate tax exemption (currently $5,000,000). If you only had a will, as opposed to a trust, which left everything to your surviving spouse, you would lose your exemption.
The trust lets you keep your exemption, which could potentially save over $1,000,000 in taxes.
For specific questions about setting up a living trust and estate taxes, please contact our Estate Planning Attorney in Los Angeles today at (818) 501-5800.
Posted in Living Trust
Tagged Anker Reed HSC, Anker Reed Hymes Schreiber, business, couples, economy, Estate Planning, Estate Planning Los Angeles, Estate Tax, Estate Tax Exemption, Estate Taxes, living trust, Los Angeles, revocable living trust