What is the 2014 federal estate tax rate and lifetime gift exclusion amount?

Question:  What is the 2014 federal estate tax rate and lifetime gift exclusion amount?        

Answer:  For gifts made or deaths occurring in 2014, the estate, generation skipping and gift tax lifetime exclusion is $5,340,000. For transfers in excess of these limits, the federal government will levy a 40% tax on any amount that exceeds the exclusion amount.

If you need legal advice for tax matters, VA benefits, Medicare, Medicaid planning, estate planning, probate or trust administration, please contact our office for an initial consultation at (941) 906-1231.