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Fort Dodge Legal Blog | Injury, Estate Planning, Real Estate

Legal blog related to personal injury, wills, estate planning, probate, and real estate from the lawyers of Crimmins & Kehm Law Firm in Fort Dodge. 

Blog of Fort Dodge Accident Attorneys and Personal Injury Lawyers 

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Gift Tax Exclusion Amount set at $15,000 for 2018

For 2018, the annual gift tax exclusion amount is set at $15,000. This is an inflation adjusted increase from 2017 when the exclusion amount was $14,000. 

The annual gift tax exclusion allows an individual to make a gift of a certain amount to any other individual, without the gift counting against the individual’s lifetime estate and gift tax exemption. The exclusion allows an individual to make such a gift to as many people as that individual desires. Additionally, because the annual exclusion amount applies to each individual separately, a husband and wife could each make a $15,000 gift to the same individual, for a total of $30,000 in gifts in 2018.    

If you have any questions about the annual gift tax exclusion or other questions about your estate plan, contact the Crimmins & Kehm Law Firm at 515-573-2191.   

Ryan Kehm