| | | | Estate Planning
| Key indexed figures | 2023 | 2024 |
|---|
| Annual gift
exclusion: | $17,000
| $18,000 | | Gift and estate tax applicable exclusion
amount: | $12,920,000 + DSUEA1 | $13,610,000 + DSUEA1 | | Noncitizen spouse annual gift
exclusion: | $175,000
| $185,000 | | Generation-skipping transfer (GST)
tax exemption: | $12,920,0002 | $13,610,0002 | | Special use valuation limit
(qualified real property in decedent's gross
estate): | $1,310,000
| $1,390,000
|
1 Basic exclusion amount plus deceased
spousal unused exclusion amount (exclusion is portable for 2011 and later years) 2 The GST tax exemption is not portable 2023 and 2024 gift and estate tax rate schedule| Taxable Estate | Tentative Tax
Equals
| Plus | Of Amount Over |
|---|
| 0 -
$10,000 | $0 | 18% | $0 | | $10,000 -
$20,000 | $1,800 | 20% | $10,000 | | $20,000 -
$40,000 | $3,800 | 22% | $20,000 | | $40,000 -
$60,000 | $8,200 | 24% | $40,000 | | $60,000 -
$80,000 | $13,000 | 26% | $60,000 | | $80,000 -
$100,000 | $18,200 | 28% | $80,000 | | $100,000 -
$150,000 | $23,800 | 30% | $100,000 | | $150,000 -
$250,000 | $38,800 | 32% | $150,000 | | $250,000 -
$500,000 | $70,800 | 34% | $250,000 | | $500,000 - $750,000 | $155,800 | 37% | $500,000 | | $750,000 - $1,000,000 | $248,300 | 39% | $750,000 | | $1,000,000 + | $345,800 | 40% | $1,000,000 | | | | | | Credit shelter amount $12,920,000 in 2023 and $13,610,000 in 2024 | Unified credit amount $5,113,800 in 2023 and $5,389,800 in 2024 |
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| | | | | The information contained herein is based on sources believed to be reliable, but its accuracy cannot be guaranteed. The articles, information, calculators, and opinions presented herein are for general information only and are not intended to provide specific advice or recommendations for any individual. New Capital Management does not provide tax, accounting, or legal advice. All decisions regarding the tax or legal implications of your investments and finances should be made with your tax or legal advisor. New Capital Management is not a bank, mortgage lender, or broker. Nothing herein should be construed as an offer or commitment to lend. Any calculations are provided as educational tools, are hypothetical in nature, depend wholly on information you provide, do not assume the effects of all pertinent factors, and are not intended to provide investment advice or serve as a financial plan.
This communication is strictly intended for individuals residing in the state(s) of TX. No offers may be made or accepted from any resident outside the specific states referenced. | | Prepared by Broadridge Advisor Solutions Copyright 2024. |
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