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  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
    • Advantages of Working With Our Firm
    • Speaker Connection
  • How We Can Help
    • Business Owners & Asset Protection
    • Estate and Gift Tax Figures
    • Elder Law & Medicaid Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • Minor Children & Young Adult Planning
    • Pet Planning
    • Probate and Trust Administration
    • Remarriage and Blended Family Protection
    • Special Needs Planning
    • SECURE Act
    • Wills & Trusts
  • Webinars
  • Free Resources
    • Elder Law Resources
      • Elder Law Reports
      • Elder Law & Medicaid Definitions
    • Estate Planning Resources
      • Dangers of Do-It-Yourself Wills & Living Trusts
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Nursing Home Asset Protection
      • Probate & Trust Administration
    • LGBTQ Resources
    • Newsletters
    • Probate & Trust Administration Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
    • Special Needs Resources
  • Blog
  • Contact

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 $12.06 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 $16,000.

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 $12.06 million of Generation-Skipping Tax Exemption.

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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 lower level than the federal tax. It may apply when a person dies when a resident in, or when one owns property in any of the many states with such a tax. Texas currently doesn’t have a state estate tax, but Slaton Schauer Law, PLLC still includes these protections in the estate plans we create. We know that many clients may purchase or inherit property from other states. Additionally, clients may move closer to grandchildren in other states, or need to care for elderly parents, or may move to other states for a variety of other reasons. We always provide the maximum protection we can to our clients and protect them from every situation we can reasonably anticipate.   

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Slaton Schauer Law Firm, PLLC

102 Raley Road

Cedar Park, Texas 78613

Phone: (512) 258-9455

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