• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Client Testimonials
    • Speaker Connection
  • How We Can Help
    • Business Owners and Asset Protection
    • Estate and Gift Tax Figures
    • Incapacity and Caregiver Support
    • IRA Inheritance Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Medicaid and Elder Law Services
      • Are You A Caregiver?
      • Coping With Alzheimer’s
      • Emergency Medicaid & Nursing Home Planning
      • Guardianship & Conservatorship
      • Hospice Care
      • Keeping Your Loved One at Home with Community Medicaid
      • Planning Ahead for Medicaid Qualification
      • Veteran’s Benefits
    • Estate Planning for Minor Children and Young Adults
    • Pet Planning
    • Powers of Attorney, Healthcare, and Emergency Documents
    • Probate & Trust Administration
    • Remarriage and Blended Families Protection
    • SECURE Act
    • Special Needs Planning
    • Updated Estate Planning Documents
    • Wills and Trusts
  • Workshops/Webinars
    • Medicaid Planning Webinar
    • Estate Planning Webinar
    • Seminars
  • Free Resources
    • Client Maintenance Program
    • DocuBank
    • Estate Planning Resources
      • Estate and Gift Tax Figures
      • Estate Planning Definitions
      • Estate Planning Reports
      • Estate Planning Checkup
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Elder Law Reports
    • Final Signing Video
    • Frequently Asked Questions
      • Estate Planning
      • Estate Tax
      • Incapacity Planning
      • IRA Inheritance Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Revocable Living Trusts
      • Trust Administration & Probate
    • LGBTQ Resources
    • Medicaid Calculator
    • Newsletters
    • Pre-Consultation Form
    • Published Books
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • BLOG
  • Contact Us

The Khalsa Law Firm, PC

Estate Planning and Elder Law Attorney

  • Attend a FREE Webinar
    • Medicaid Planning
    • Estate Planning
law pay

Connect With Us Today (212) 973-0100

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. In New York, for the year 2020, the amount that can be passed on New York Estate Tax free is $5,850,000.

Primary Sidebar

Download Our Free Estate Planning Worksheet For Creating A Secure Future

Testimonials

After my first meeting with Mr. Khalsa I knew I had found a competent, knowledgeable attorney. What I did not anticipate was that I would find a wonderful friend. Mr. Khalsa worked through the difficult challenges I faced with his superior understanding of Estate Law; and exuded great kindness throughout this process. He is unique in terms of his generosity of time and compassion.”

– HARRIET

OFFICE ADDRESS

The Khalsa Law Firm
1115 Broadway 12th Floor
New York 10010
Phone: (212) 973-0100

See Larger Map Get Directions

BUSINESS HOURS

Monday9:30 AM - 5:30 PM
Tuesday9:30 AM - 5:30 PM
Wednesday9:30 AM - 5:30 PM
Thursday9:30 AM - 5:30 PM
Friday9:30 AM - 5:30 PM

Footer

  • Speaker Connection
  • Advantages of Working With Our Firm
  • Disclaimer
  • Privacy Policy
  • Contact Us

Connect to us

  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube
footer logo

© 2023 Khalsa Law Firm
All Rights Reserved.

Attorney Advertisement

Khalsa Law Firm services the following areas in New York: Bronx, Brooklyn, Queens, Kings, Manhattan, New York, Queens, and Staten Island.