On November 9, 2023, the IRS released its official 2024 inflation-adjusted figures for transfer tax. The exclusion amounts for the tax year of 2024 are as follows:
The increased estate, gift, and GST tax exemption amounts are due to sunset, absent Congressional action, on December 31, 2025, and will return to pre-2018 levels ($5,490,000). The next two years will provide significant planning opportunities for high-net-worth individuals. If your clients have more than $5.49 million in assets, they could likely benefit from a consultation with an experienced estate planning attorney.
© 2024 This article was originally published on Jan. 1, 2024, in the SideBar, the newsletter of the Martin County Bar Association.
For additional information or questions regarding estate and gift tax exclusions and generation-skipping transfer (GST) taxes, we urge you to contact the author of this article or a representative of Jones Foster here.
Matthew Worsham is a member of Jones Foster's Trust & Estate Litigation and Private Wealth, Wills, Trusts & Estates teams and focuses his practice in the areas of probate, guardianship, and trust litigation and trust and estate administration. He represents individual beneficiaries, heirs, fiduciaries, and corporate fiduciaries in probate, guardianship, and trust-related matters, including will and trust contests, trustee/personal representative removal actions, accounting actions, will and trust reformation and modification matters, and elective share cases. Matthew's previous experience includes commercial and employment litigation matters.
Matthew is actively involved in several legal organizations, including as chair of the Martin County Bar Association's Wills, Trusts & Estates/Probate Committee, and The Florida Bar’s RPPTL Section and Trial Lawyers Section. He holds a Master of Laws degree in Estate Planning from the University of Miami School of Law.
Jones Foster is celebrating its Centennial year as a commercial and private client law firm headquartered in West Palm Beach, Florida. Tracing its roots back to 1924, the firm has served as an integral part of South Florida’s growth and prosperity. Through a relentless pursuit of excellence, Jones Foster delivers original legal solutions that help clients, colleagues, and the community to move forward. A significant number of shareholders have received the designation of Board-Certified Specialist by The Florida Bar in their specific practice area. The firm’s practice groups include Complex Litigation & Dispute Resolution, Corporate & Tax, Land Use & Governmental, Private Wealth, Wills, Trusts & Estates, Real Estate, and Trust & Estate Litigation. For more information, please visit www.jonesfoster.com.
