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2024 Federal Estate Tax Exemption and Gift Tax Exemption

Marietta Estate Planning Attorney

Let's talk about the 2024 federal estate tax and the federal gift tax because it's an important topic to discuss. This is something that can have a significant impact on your estate planning and inheritance strategy.

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First things first, let's quickly go over what the Federal Estate Tax is. This is a tax that's levied on the transfer of property from a deceased person's estate to their beneficiaries. The federal government assesses this tax on the total value of the estate.

Now, let's dive into what's new for 2024. The Federal Estate Tax Exclusion is the amount you can leave behind to your heirs without incurring any federal estate tax. For 2024, the exclusion amount is set to $13,610,000 for estates of decedents who die during 2024. This is an increase of $690,000 for estates of decedents who died in 2023. For a married couple, the basic exclusion amount is doubled to $27,220,000.

Why is the 2024 Federal Estate Tax Exclusion important?

Well, it can have a significant impact on your estate planning. If your estate's total value is below the exclusion amount, your heirs won't owe any federal estate tax when they inherit your assets. However, if it exceeds the exclusion, they may be subject to estate taxes.

So, here are some important estate planning tips to consider in light of the 2024 Federal Estate Tax Exclusion:

  1. Regularly Review Your Estate Plan: Keep an eye on the exclusion amount, as it can change over time.
  2. Consider Gifting: Gifting assets to loved ones during your lifetime can reduce the overall value of your estate.
  3. Trusts and Strategies: Consult with an established estate planning attorney to explore trusts and other strategies that can help you optimize your estate plan.

2024 Federal Gift Tax Exclusion

Let's cover the basics. The gift tax is a federal tax on gifts of property or money you make to others while you're alive. This tax is designed to prevent people from avoiding estate taxes by giving away their assets before they pass away. However, not all gifts are subject to this tax thanks to something called the gift tax exclusion.

The gift tax exclusion is an amount of money or property that you can give away each year without incurring any gift tax liability.

In 2023, the gift tax exclusion amount is $17,000 per recipient. This means that you can give up to $17,000 to as many individuals as you'd like without owing any gift tax.

In 2024, the IRS increased the gift tax exclusion amount to $18,000 per recipient. Again, this means you can give up to $18,000 to as many individuals as you'd like without owing an gift tax.

This change in the gift tax exclusion amount can have important implications for your estate planning.

This means you can give more to your loved ones without worrying about gift taxes.


To sum it up, the 2024 Federal Estate Tax Exclusion and the Gift Tax Exclusion are crucial factors in estate planning. It determines how much of your assets your heirs can inherit without being subject to federal estate tax and how much you can give away while you're alive without being subject to the federal gift tax. Make sure to stay informed about the current exclusion, and consult with an estate planning attorney to develop a solid estate plan that suits your needs.

Professional Guidance

Remember, it's crucial to seek professional guidance. Estate planning can be complex, and an experienced estate planning attorney can help you navigate the process, ensuring your plan is legally sound and tax-efficient.

Estate planning is a vital part of securing your family's financial future and ensuring your assets are distributed according to your wishes. Don't procrastinate, start working on your estate plan today to provide peace of mind for you and your loved ones.

Our Farrell Law Firm estate planning attorney and staff can assist with creating a wide range of trusts designed uniquely to serve your needs. The Farrell Law Firm represents clients in Marietta, East Cobb, Kennesaw, Smyrna, Atlanta, Roswell, Rome, Athens, Columbus, Macon, and across the state of Georgia, Tennessee, and Texas.

Questions About Georgia Trusts? Contact Lawyer John Farrell at (678) 809-4922 or Connect Online.

At the Farrell Law Firm, PC, we represent Georgia residents in Marietta, Kennesaw, Acworth, Atlanta, Smyrna, Vinings, Mableton, Austell, Powder Springs, Clarkdale, Ball Ground, Canton, Holly Springs, Lebanon, Cartersville, Calhoun, Waleska, Woodstock, Alpharetta, Fairburn, Palmetto, Red Oak, Roswell, Dallas, Hiram, Dunwoody, Lawrenceville, Norcross, Cumming, Cobb County, Cherokee County, Bartow County, Fulton County, Douglas County, Gwinnett County, and Paulding County.