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  • 1000 N Providence Rd, Media, PA 19063
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  • 3500 Reading Way, Huntingdon Valley, PA 19006
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Russell Law Firm

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Home / Practice Areas / Estate and Gift Tax Figures

Estate and Gift Tax Figures

FEDERAL

Estate and Gift Tax Applicable Exclusion:
The amount that can be passed free of federal tax. Whatever amount is used during lifetime is no longer available for use to pass assets at death. The Estate and Gift Tax Applicable Exclusion is currently $12.06 million.

Annual Gift Tax Exclusion:
The amount that can be given to each person you want without using any Applicable Exclusion. The Annual Gift Tax Exclusion is currently $16,000.

Generation-Skipping Tax Exemption:
This allows for giving to people who are grandchildren or other “skip persons.” It may also be used as a sophisticated way of avoiding Federal estate tax at the death of a child. Each person currently has $12.06 million of Generation-Skipping Tax Exemption.

STATE

State Estate Tax:
In addition to the Federal Estate Tax, many states have a State Estate or Inheritance Tax. State Estate and Inheritance Tax may apply at a much lower level than the federal tax. It may apply when a person dies when resident in or owning property in any of the many states with such a tax.

Russell Law Firm,

Our Mission is to provide residents of Pennsylvania with legal services that will protect their families and their life's work.

Contact Info

Russell Law
1000 N Providence Rd, Media,
PA 19063

Phone: 610-565-9010

3500 Reading Way, Huntingdon Valley, PA 19006
Phone: 215-914-8112

Mon-Fri: 9am-5pm


Fax:
215-914-2118

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