2016 Estate and Gift and Generation Skipping Tax Exemptions
The IRS has announced the 2016 Estate and Gift and Generation Skipping Tax exemptions. The exemptions will increase from the current $5,430,000 to $5,450,000. The annual exclusion for a gift will remain at $14,000 per donee.
Illinois as well as 17 other states retain a separate estate and/or inheritance tax. The Illinois exemption remains at $4,000,000.