Crimmins & Kehm Law Firm
Injury and Accident Attorneys | Fort Dodge IA

Fort Dodge Legal Blog | Personal Injury | Probate and Estates

Legal blog related to personal injury, estate planning, probate, and real estate from the lawyers of Crimmins & Kehm Law Firm in Fort Dodge. 

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Blog Disclaimer: The content and information provided in this blog is not intended to be legal advice, but is for informational purposes only. Transmission of this information is not intended to create, and receipt does not constitute, an attorney-client relationship. The information provided is intended for general information which may or may not reflect the most current developments in the law.  Read More.  
 

Gift Tax Exclusion Amount set at $18,000 for 2024

For 2024, the annual gift tax exclusion amount is set at $18,000. This is an inflation adjusted increase from 2023 when the exclusion amount was $17,000. 

The annual gift tax exclusion allows an individual to make a gift of a certain amount to any other individual, without the gift counting against the individual’s lifetime estate and gift tax exemption. The exclusion allows an individual to make such a gift to as many people as that individual desires. Additionally, because the annual exclusion amount applies to each individual separately, a husband and wife could each make a $18,000 gift to the same individual, for a total of $36,000 in gifts in 2024.    

If you have any questions about the annual gift tax exclusion or other questions about your estate plan, contact the Crimmins & Kehm Law Firm at 515-573-2191.   

Ryan Kehm