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What is the Federal Estate and Gift Tax Exemption for 2014?

Posted on Dec 15 2013 4:22PM by Attorney, Jason A. Lee

A lot of people ask about the possible taxation of their estate from the federal government – often referred to as the “estate tax” or “death tax”.  For the vast majority of people, this is an irrelevant issue due to recent changes in federal tax law that significantly increased the federal estate tax exemption.  However, the IRS has recently announced the new 2014 estate and gift tax exemption.  The new 2014 federal estate gift tax exemption is $5,340,000.00.  This an increase of $90,000.00 over the 2013 estate gift tax exemption of $5,250,000.00.  As a result, it is becoming very rare that an estate will reach this level in Tennessee, although it is still certainly possible with large estates.

 

Follow me on Twitter at @jasonalee for updates from the Tennessee Wills and Estates blog.

TAGS: Taxes, Federal Estate Tax
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