Reda | Ciprian | Magnone, LLC

IRS releases new gift and estate tax exemptions for 2018

IRS 2018The IRS has announced new limits for federal estate and gift tax for 2018.  Beginning January 1, 2018, the annual exclusion gift amount will increase from $14,000 per person per year to $15,000.  The estate and gift tax exemption will also increase from $5.49 million in 2017 to $5.6 million in 2018.  This is the first increase in the annual exclusion gift since 2013 and and married couples will now be able to shield up to $11.2 million with appropriate estate planning.  The impact of these increases is uncertain with tax reform looming.

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Reda | Ciprian | Magnone, LLC
8501 W. Higgins Suite 440
Chicago, Illinois 60631

Call: (773) 399-1122
Fax: (773) 399-1144

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Reda | Ciprian | Magnone, LLC serves the public and other Illinois attorneys by providing timely, accessible information about Illinois law, specifically, estate planning, probate, entity formation, corporate, landlord-tenant, real estate & other areas of the law. Our firm has assisted clients as far away as France and India in their Illinois legal matters.

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Probate Law Landlord Tenant Law Corporate Law Real Property Law Estate Planning