What Does Unified Credit, Estate Tax Exemption, Combined Estate and Gift Tax Exemption Mean In Estate Planning?

What Does Unified Credit, Estate Tax Exemption, Combined Estate and Gift Tax Exemption Mean In Estate Planning?

The amount each person is allowed to deduct from any federal estate tax that may be due after death or for gifts given during lifetime (above the annual gift tax exclusion amount).  In 2019 this amount is $11.4 Million.  Current rough calculations of American assets show that more than 99% will never pay an estate tax at these levels, especially with estate tax portability.
 

What Is Estate Tax Portability?

Estate Tax Portability can be used by a married couple to shield $22.8 Million dollars from federal estate and gift tax.
Kelley Scrocca
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Business Estate Planning and Probate Attorney