The Internal Revenue Service (IRS) has announced its Inflation Adjustments for the 2024 tax year in Revenue Procedure 2023-34. For estate planning purposes, taxpayers will benefit from:
- A higher estate tax exclusion: The basic exclusion amount for estate tax will rise to $13.61 million for estate holders with dates of death in 2024 (increased from $12.92 in 2023).
- More gifts excluded from gift tax: The annual per donee exclusion for gifts is increased to $18,000 (currently $17,000 for 2023). For gifts to spouses who are not U.S. citizens, the first $185,000 is excluded from gift tax
For those who have maximized use of the former exclusion, you now have more opportunities to transfer additional wealth gift-tax-free.
Grassi’s Trust & Estate advisors can help you maximize these benefits and ensure you are getting the most value out of your estate and gifting plans. Please contact your Grassi advisor or Lisa Rispoli, Trust & Estate Services Leader, at 516.336.2444 or lrispoli@grassiadvisors.com to learn more.
