Estate and Gift Tax Figures

Federal

Estate and Gift Tax Exclusion:

This is the value of an estate that can be passed without incurring federal estate and gift taxes. It can be passed during your lifetime or after your death. The current Estate and Gift Tax Applicable Exclusion is $11.58 million.

Annual Gift Tax Exclusion

This is the amount that you can give to any person you want without the gift counting towards the Applicable Exclusion. The Annual Gift Tax Exclusion is currently $15,000.

Generation-Skipping Tax Exclusion

This exclusion allows for you to pass gifts on to future generations, such as your grandchildren. The current Generation-Skipping Tax Exclusion is $11.58 million.

States

Florida

Florida currently has no state estate or gift tax.

New Jersey

Estate Tax

New Jersey no longer has an estate tax.

Inheritance Tax

New Jersey charges an inheritance tax on gifts given to individuals who are not lineally related.

New York

Estate Tax Exclusion

The current Basic Exclusion Amount for individuals who reside in New York at the time of their death (or who own property in New York at the time of their death) is $5,850,000

This information is intended to be for information only. No guarantee can be made as to its accuracy. This page was last updated on April 24, 2020.

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