Wednesday, December 16, 2015

Today's Elder Care / Senior Care Q&A for Wednesday, 12/16/215

QUESTION:  What are the 2016 Estate and Gift Tax Limits, as set by the Internal Revenue Service (IRS)?

Answered by:
Estate and Gift Tax

Patrick C. Smith, Jr., Esq.

The Smith Law Firm, P.C.

Augusta, Georgia
An ElderCare Matters Partner

ANSWER:  The IRS has announced that the basic estate tax exclusion amount for the estates of decedents dying during calendar year 2016 will be $5.45 million, up from $5.43 million for calendar year 2015.  This figure is in line with earlier projections.  The annual gift tax exclusion will remain at $14,000 for 2016.

Also, if the executor chooses to use the special use valuation method for qualified real property, the aggregate decrease in the value of the property resulting from the choice cannot exceed $1,110,000, up from $1,100,000 for 2015.

The increase in the estate tax exclusion means that the lifetime tax exclusion for gifts should also rise to $5.45 million, as will the generation-skipping transfer tax exemption.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

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Today"s Elder Care / Senior Care Q&A for Wednesday, 12/16/215

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