2017 Estate and Gift Tax Exclusions

December 2, 2016 | dehs

The gift tax annual exclusion amount and estate tax exemption amount have been determined for 2017.

Both the gift tax annual exclusion (also simply called the annual exclusion) and the lifetime estate and gift tax basic exclusion amount (also sometimes called the gift and estate tax exemption amount, the applicable exclusion amount, or the unified credit amount) are indexed for inflation.

Annual Exclusion Gift Amount

The gift tax annual exclusion will not increase for 2017 and will remain $14,000. This gift tax annual exclusion was indexed for inflation in 1997 and has increased over time as shown below.

Annual Exclusion Gift Amount Table

Applicable Exclusion Amount

The lifetime estate and gift tax basic exclusion amount is to increase in 2017 to $5,490,000. This amount was indexed for inflation in 2011 and has increased over time as shown below.

Applicable Exclusion Amount Table

For more information, contact Estate Planning attorneys Sarah Richardson Larson, P. Daniel Donohue, Matt Van Heuvelen, Mark R. Krogstad, or Ashley G. Blake.

Davenport, Evans, Hurwitz & Smith, LLP, located in Sioux Falls, South Dakota, is one of the state’s largest law firms. The firm’s attorneys provide business and litigation counsel to individuals and corporate clients in a variety of practice areas. For more information about Davenport Evans, visit www.dehs.com.