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280 South Mangum Street, , Durham, NC 27701

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3605 Glenwood Avenue, Suite 500, Raleigh, NC 27612

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Estate and Gift Tax Planning

The IRS has announced 2024 adjustments to several tax provisions that are adjusted for inflation.  The 2024 adjustments include:

  • Increase in the estate and gift tax exclusion for those that die in 2024 to $13,610,000, an increase from $12,900,000 in 2023.
  • Increase in the annual gift tax exclusion to $18,000 for the calendar year 2024, an increase from $17,000 in 2023.
  • Marginal income tax rate brackets have increased and the top tax rate of 37% applies now for those earning greater than $609,350 for individuals and $731,200 for couples filing jointly,  while the lowest rate of 10% begins with income of $11,600 for individuals and $23,200 for married couples.
  • The standard deduction for married couples filing jointly rises to $29,200, an increase of $1,500 from tax year 2023, and for single filers the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023.

For any questions regarding the impact of these changes on your individual circumstances, please contact Sandra Clark or another of our tax specialists.

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