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 $15 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 $19,000.

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 $15 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.

Contact Our Office for Help with Tax Planning

If you need assistance with estate taxes in Kansas or Missouri, reach out to our experienced attorneys by calling (913) 521-2828 or (913) 856-2828 or by using our contact page. We are happy to help you navigate your estate tax questions so you can make decisions for your future.