{"id":47023,"date":"2023-12-03T14:47:01","date_gmt":"2023-12-03T22:47:01","guid":{"rendered":"https:\/\/ameriestate.com\/?p=47023"},"modified":"2023-12-03T14:47:06","modified_gmt":"2023-12-03T22:47:06","slug":"the-2024-estate-gift-tax-exemption-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/ameriestate.com\/estate-planning\/the-2024-estate-gift-tax-exemption-what-you-need-to-know\/","title":{"rendered":"The 2024 Estate & Gift Tax Exemption: What You Need to Know"},"content":{"rendered":"\n
The Estate Tax and Gift Tax are federal levies imposed on the transfer of an individual\u2019s wealth upon their demise or when a gift surpasses the exempted amount during the donor\u2019s lifetime. Typically, any transfer beyond this exemption threshold incurs a tax rate of 40%.<\/p>\n\n\n\n
The annual exclusion for gifts is set to rise to $18,000 per person for the 2024 calendar year, marking an increase from $17,000 in the previous year. For married couples, this enhancement allows for a combined gifting capacity of $36,000 per year per recipient, effective January 1, 2024. This adjustment presents an advantageous opportunity for strategic estate planning, enabling individuals and couples to leverage this heightened exclusion for efficient wealth management. Seize this expanded limit to optimize your financial planning and consider its implications for your gifting strategies.<\/p>\n\n\n