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GDP Growth:   2.1% (2nd QTR 2019)
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SMALL BUSINESS NEWS

Jul 2019

 

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Estate Tax Changes 2019 

The estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death.

 

If you give someone money or property during your life, you may be subject to federal gift tax.

 

The Internal Revenue Service announced today the official estate and gift tax limits for 2019: The estate and gift tax exemption is $11.4 million per individual, up from $11.18 million in 2018. That means an individual can leave $11.4 million to heirs and pay no federal estate or gift tax, while a married couple will be able to shield $22.8 million. The annual gift exclusion amount remains the same at $15,000. The Trump tax cuts slashed the number of estates subject to the federal estate tax, by doubling the exemption amount from a base level of $5 million per person. 

 

In 2019, New York will follow suite and increase their exemption to match the federal estate tax exemption of $11,400,000.

 

Recently, the state of Connecticut announced their plans to match the federal estate exemption by 2020, and New Jersey recently repealed their estate taxes in 2018,

Sources:
IRS Estate & Gift Tax

By Bill Williams

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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