Lifetime exemption

Tax System

The total amount that can be transferred during life and at death free of gift and estate tax. Approximately $13 million per person in 2024, scheduled to be cut roughly in half in 2026.

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Unit 18: estate planning

Tax System

Related Terms

Estate tax

A federal tax on the transfer of wealth at death, applying o...

Gift tax

A tax on transfers of property for less than full value. Gif...

Portability

A provision allowing a surviving spouse to use the deceased ...

Unified credit

The tax credit that effectively exempts transfers up to the ...