Federal Gift and Estate Tax Planning- Part 2 of 7: Leveraging the Basic and Annual Exclusions

Maximizing Your Basic Exclusion The primary reason the vast majority of North Carolinians avoid estate tax is by simply using their basic gift and estate tax exclusion which is historically high. The 2024 amount is $13,610,000 per individual and $27,220,000 for a married couple who elects portability.  Although some individuals may accomplish this without any planning, if an individual has a large estate, even if it is currently below the basic exclusion, there is simple planning which can leverage their basic exclusion. This leverage is due to the future growth of the gifted assets becoming removed from an individual’s taxable … Continue reading