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Applegate, Quinn & Magee

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Estate and Gift Tax Figures

FEDERAL

Estate and Gift Tax Applicable Exclusion:
The amount that can be passed free of federal tax. Whatever amount is used during lifetime is no longer available for use to pass assets at death. The Estate and Gift Tax Applicable Exclusion is currently $12.06 million.

Annual Gift Tax Exclusion:
The amount that can be given to each person you want without using any Applicable Exclusion. The Annual Gift Tax Exclusion is currently $16,000.

Generation-Skipping Tax Exemption:
This allows for giving to people who are grandchildren or other “skip persons.” It may also be used as a sophisticated way of avoiding Federal estate tax at the death of a child. Each person currently has $12.06 million of Generation-Skipping Tax Exemption.

STATE

State Estate Tax:
In addition to the Federal Estate Tax, many states have a State Estate or Inheritance Tax. State Estate and Inheritance Tax may apply at a much lower level than the federal tax. It may apply when a person dies when resident in or owning property in any of the many states with such a tax.

Applegate, Quinn & Magee

Applegate, Quinn & Magee

Address

MADISON
78 Main Street, P.O. Box 10
Madison, NJ 07940-0010
Phone: (973) 377-5200
Fax: (973) 377-8312

Office Hours

Monday8:00 AM - 4:00 PM
Tuesday8:00 AM - 4:00 PM
Wednesday8:00 AM - 4:00 PM
Thursday8:00 AM - 4:00 PM
Friday8:00 AM - 4:00 PM

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Map

SPRINGLAKE HEIGHTS

60 Highway 71
Springlake Heights, NJ 07762
Phone: (973) 377-5200
BY APPOINTMENT ONLY

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Map

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