The IRS has just released the 2020 inflation adjusted numbers on income tax brackets, standard deduction amounts, and gift/estate tax exemptions, amongst other things. For estate planners, the following figures are relevant:
Unified estate and gift tax exclusion amount. For gifts made and estates of decedents dying in 2020, the exclusion amount will be $11,580,000 (up from $11,400,000 for gifts made and estates of decedents dying in 2019).
Generation-skipping transfer (GST) tax exemption. The exemption from GST tax will be $11,580,000 for transfers in 2020 (up from $11,400,000 for transfers in 2019).
Gift tax annual exclusion. For gifts made in 2020, the gift tax annual exclusion will be $15,000 (same as 2019).