 |  | | | | | 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 |
|
| | | |
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The information provided is not intended to be a substitute for specific individualized tax planning or legal advice. We suggest that you consult with a qualified tax or legal professional.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial.
This communication is strictly intended for individuals residing in the state(s) of AZ, CA, CO, FL, ID, ME, MT, NV, OR, TN, TX and WI. No offers may be made or accepted from any resident outside the specific states referenced. | | Prepared by Broadridge Advisor Solutions Copyright 2024. |
| |
