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2015 Estate, Gift & Generation-Skipping Tax Exemptions & Rates

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Tax season is here! Use the chart below to help you navigate through your estate tax planning for 2015. Please note that the estate and gift tax exemption and the generation skipping tax exemption have changed from $5.34 million to $5.43 million as of January 1, 2015.

Estate Tax:

The amount a person can pass on free from federal estate tax in 2015 is $5.43 million. They are able to pass this money on during their life or at their death. If that amount is exceeded, either that person or their heirs will owe a tax of up to 40%.

Gift Tax:

Currently, the amount of money that can be given to any person each year that’s excluded from the gift tax is $14,000, per person per year.

Gifts excluded from taxes:

  • Gifts to a charity
  • Gifts to a political organization
  • Gifts to a spouse
  • Gifts of educational expenses (You must make direct payment to institution)
  • Gifts of medical expenses (You must make direct payment to medical facility)

Generation-Skipping Transfer Tax:

The generation-skipping transfer (GST) tax is a tax on property that is passed from a grandparent to a grandchild (or great-grandchild) in a Will or trust. If property is passed on to an unrelated individual, that person must be more than 37.5 years younger.

We encourage you to take out your estate planning documents and review them to ensure they still achieve your tax planning goals.  

Category: Estate Planning, Wills & Trusts

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