Updated 2016 Estate Tax Exclusion Released By IRS

Since the end of the year is right around the corner, government agencies are releasing updated figures for 2016 that are relevant to people who are concerned about elder law and estate planning issues. Recently, the Internal Revenue Service released the amount of the inflation adjustment that will be applied to the federal estate tax exclusion. The exclusion is the amount that you can transfer before the estate tax would be applied. There is an unlimited marital deduction that you can use to transfer unlimited assets to your spouse tax-free, but transfers to others are potentially taxable. For the 2010 calendar year, there was no estate tax at all, because it was repealed for that one year due to provisions that were contained within the Bush era tax cuts. The estate tax was scheduled to return in 2011 with a $1 million exclusion. At the end of 2010, a piece of legislation that is now called The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was enac


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