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ARTICLE · 11 DECEMBER 2015

Personal Planning Strategies - December 2015

Proskauer Rose LLP
Proskauer Rose LLP
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Tax Exemption Inflation Increases for 2016

United StatesTax
Scott Bowman
Scott Bowman
George Karibjanian
George Karibjanian
David Pratt
David Pratt
Mitchell Gaswirth
Mitchell Gaswirth
Andrew Katzenstein
Andrew Katzenstein
Henry Leibowitz
Henry Leibowitz
Lisa Stern
Lisa Stern
Philip Susswein
Philip Susswein
Jay Waxenberg
Jay Waxenberg
+1 more
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2016 Estate, Gift and GST Tax Update

What This Means for Your Current Will, Revocable Trust and Estate Plan

As we previously reported, the American Taxpayer Relief Act of 2012 (the "Act") made the following permanent: (1) the reunification of the estate and gift tax regimes, (2) the $5 million estate, gift and generation-skipping transfer ("GST") tax exemptions, as increased for inflation (as discussed below), and (3) portability.

Tax Exemption Inflation Increases for 2016

  • In 2016, there is a $5,450,000 federal estate tax exemption (increased from $5,430,000 in 2015) and a 40% top federal estate tax rate.
  • In 2016, there is a $5,450,000 GST tax exemption (increased from $5,430,000 in 2015) and a 40% top federal GST tax rate.

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