TAX.GD
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.]