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