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IRS Announces 2017 Estate Tax Limits

2017 Estate Tax LimitsThe Internal Revenue Service (IRS) has announced the 2017 Estate and Gift Tax limits.  The exemptions will increase in 2017 to $5,490,000 ($5.49 million) from $5,450,000 ($5.45 million) in 2016.  Therefore, if you die in 2017 and your estate is less than $5,490,000, your estate is not required to pay Federal estate tax.  If you are married, both you and your spouse can each claim the $5.49 million exemption, for a total of $10.98 million. If you need any help with your estate administration in the Philadelphia or Bucks County region, please contact Gummer Elder Law for assistance.