On October 26, 2020, the Internal Revenue Service announced the exclusion amounts for 2021. Notably, the basic estate tax exclusion for 2021 increased to $11,700,000, while the annual exclusion for gifts in 2021 remains at $15,000.
A copy of Rev. Proc. 2020-45 can be found here. This is for informational purposes only. You should consult with an attorney or tax professional about specific cases.
For additional help, please contact Berliner Cohen’s experienced Estate Planning team at 408.286.5800 or by e-mail at mailto:charles.volpe@berliner.com.