• Skip to primary navigation
  • Skip to main content

Kendall Maddox and Associates

Attorneys & Financial Planners

  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
  • Contact Us
  • Call Us Today: (205) 977-9045
  • fb
  • linkedin
  • Show Search
Hide Search

Estate and Gift Tax Figures

Kendall Maddox and Associates

FEDERAL

Estate and Gift Tax Applicable Exclusion:
The amount that can be passed free of federal tax. Whatever amount is used during lifetime is no longer available for use to pass assets at death. The Estate and Gift Tax Applicable Exclusion is currently $12.92 million.

Annual Gift Tax Exclusion:
The amount that can be given to each person you want without using any Applicable Exclusion. The Annual Gift Tax Exclusion is currently $17,000.

Generation-Skipping Tax Exemption:
This allows for giving to people who are grandchildren or other “skip persons.” It may also be used as a sophisticated way of avoiding Federal estate tax at the death of a child. Each person currently has $12.92 million of Generation-Skipping Tax Exemption.

STATE

State Estate Tax:
In addition to the Federal Estate Tax, many states have a State Estate or Inheritance Tax. State Estate and Inheritance Tax may apply at a much lower level than the federal tax. It may apply when a person dies when resident in or owning property in any of the many states with such a tax.

Kendall Maddox and Associates

Where we are

2550 Acton Rd, Suite 210,
Birmingham, AL 35243
United States (US)
Phone: (205) 977-9045
Fax: (205) 977-9049

Opening hours

Monday8:30 AM - 3:30 PM
Tuesday8:30 AM - 3:30 PM
Wednesday8:30 AM - 3:30 PM
Thursday8:30 AM - 3:30 PM
Friday8:30 AM - 3:30 PM

Map

maddox_map.png
  • fb
  • linkedin

© 2023 · American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy | Sitemap | Contact Us