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Gift and Estate Exclusion Amounts

If you have been concerned about what happens to your tax benefits of the increased gift and estate tax exclusion amounts after the effective period of 2018 to 2015 lapses, relax…a little.

On the twenty second of November 2019, the treasury department and the internal revenue service issued a news release confirming that …”individuals who took advantage of the increased tax will not be adversely impacted after 2025, when the exclusion amount is scheduled to drop to pre-2018 levels.”  If estate gifts are made during life, the higher levels apply even if estate is settled afterward.  Want more information?  Visit httsp://PersonalTaxPrep.com and be connected to a licensed tax professional.