The IRS released Rev. Proc. 2019-44 announcing, among other things, the amount of the annual estate and gift tax exemptions for 2020. To wit:
- The annual individual gift tax exemption remains at $15,000 per beneficiary;
- The individual lifetime gift tax exemption and the estate tax exemption increases to $11,580,000;
- The super annual exclusion for gifts made to a noncitizen spouse increases to $157,000; and
- Receipts and gifts from foreign entities and certain types of foreign trusts exceeding $16,649 in 2020 must be reported by the beneficiary, in addition to paying the corresponding income tax.
As always, if you have any questions or concerns, please call (800) 694-6604 and make an appointment to take advantage of these new limits.
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If you are ready to protect your assets, control the distribution of your assets after death, and determine the direction of your business or family after you are gone, it's time to contact an international estate planning attorney. Call us at (800) 694-6604 or contact us online today. Do not put off this important decision for later. Our firm will provide you with trustworthy and reliable representation so you can get the peace of mind of having made the right decisions.