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2024 Tax Numbers for Estate Planning

Transfer Tax

Basic Exclusion Amount $13,610,000
Annual Gift Tax Exclusion $18,000
GST Tax Exemption $13,610,000

Estate and Trust Income Tax Brackets

Not over $3,100 10% of the taxable income
Over $3,100 but not over $11,150 $310 plus 24% of the excess over $3,100
Over $11,150, not over $15,200 $2,242 plus 35% of the excess over $11,150
Over $15,200 $3,659.50 plus 37% of the excess over $15,200

[Yikes! But don’t worry: Trust income tax can be avoided through a combination of income distribution to beneficiaries, and Beneficiary Deemed Owner Trust (BDOT) planning designed to make income taxable to a beneficary even without distribution.]

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Estate Planning has never been so fun.