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

Update: Go to the 2018 Estate, Gift & Generation-Skipping Tax Exemptions & Rates

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.  

Do You Need The Guidance Of An Experienced Estate Planning Attorney?

If you find yourself thinking more and more about how to preserve your assets for your family you should speak with an experienced estate planning attorney as soon as possible. Contact us online or call our Dallas office directly at 214.559.7202.

Lori Ashmore Peters
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Helping Dallas area families with all of their legal Estate Planning, Probate and Business Planning needs.
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