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IRS Announces Increases to Federal Estate and Gift Tax Exclusions for 2020

The IRS has announced that the estate and gift tax exclusion will be raised from the current amount of $11.38 million to $11.58 million in 2020.  This means that you will be able to leave $11.58 million to your heirs without your estate having to pay any federal estate or gift taxes.  For a married couple the exclusion is $23.16 million.

The gift tax exclusion, in which each of you can give $15,000 per year to as many individuals as you may choose without having to file a federal gift tax return, will remain unchanged in 2020.