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ARTICLE · 17 NOVEMBER 2023

Major Gift Planning Opportunities For 2024

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The federal gift, estate and generation-skipping transfer (GST) tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities next year.

United StatesTax
Seth D. Slotkin
Seth D. Slotkin
Lucy S. Lee
Lucy S. Lee
Elizabeth E. Harris
Elizabeth E. Harris
Kristi Kirksey
Kristi Kirksey
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The federal gift, estate and generation-skipping transfer (GST) tax exemptions for 2024 are historically high and present significant tax-free gifting opportunities next year.

Exemption Amount Increasing to $13,610,000

The gift and estate tax exemptions will increase to $13,610,000 in 2024. This means that, beginning in 2024, you will be able to transfer $13,610,000 to beneficiaries during your lifetime and at death without incurring gift or estate tax. If you're married, you and your spouse together may transfer $27,220,000. If you have previously maximized lifetime gifts under the current limits, additional tax-free gifts may be made in 2024 totaling $690,000 per individual or $1,380,000 per married couple.

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