Dec. 2, 2025
IRS ANNOUNCES INCREASED GIFT AND ESTATE TAX EXEMPTION AMOUNTS FOR 2026
The IRS has announced increased gift and estate tax exemption amounts for 2026.
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Welcome afternoon, Michiganers, and welcome back to Tuesday with Tom,
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Michigan's Only podcast, where we talk about estate planning, a
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state settlement, and everything in between. As always, I'm your host,
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Tom Doyle, a state planning attorney, lifelong Michigan resident, an
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ambassador for all things good in this great state of Michigan. Welcome,
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Welcome to today's program. Will recap last episode the pending
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phase out of the US penny. If you haven't heard
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about it, listen to last week's episode. But if you've
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heard about it, you know that the US stopped minting pennies.
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So I talked about that in last week's episodes. What
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that means for you in going forward with spending your money.
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Today's show, well, twenty twenty six is right around the corner,
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so it's time to talk about the I r s's
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announcement of increase gift and the state tax exemption amounts
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for twenty twenty six.
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But please remember what I'm about.
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To discuss is meant to be educational and informative. It
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is not legal or tax advice. Every person's situation is different,
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so be sure to talk to your attorney and tax
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advisor to determine what is appropriate for you and your
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estate plan and tax planning. IRS announces increase gift and
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estate tax exemption amounts for twenty twenty six. It's that
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time of year the IRS starts telling us what some
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of the tax considerations are going to be next year.
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So let's start with the.
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Annual gift tax exclusion. Each year, the IRS sets the
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annual gift tax exclusion amount, which is that amount that
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a tax payer can give per person without any gift
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tax consideration. So in twenty twenty six, that number is
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going to stay the same as it was this year
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twenty twenty five, at nineteen thousand dollars per person that
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you want to make gifts.
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Two.
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If you're married. Married couples can double that amount. It'll
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still be nineteen thousand dollars per individual. But obviously double
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that amount is thirty eight thousand dollars. So you and
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your spouse, let's say that you've got three kids, five grandkids.
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Let's just do the math.
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You could actually transfer three hundred and four thousand dollars
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in twenty twenty six to your children and five grandchildren
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without touching the overall estate gift and federal estate tax
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exemption amount. Obviously, what that means is you could potentially
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transfer substantial assets gift tax free.
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So if you're.
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In a situation with a high value of state and
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you're considering gifting as a strategy, which is sometimes used
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for the purpose of reducing the size of the estate,
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consider those gift tax exemption amounts. Or if you're not
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even in a federal state tax issue, but you're concerned about, hey,
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how much can I give somebody in twenty twenty six
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without having to worry about filing a gift tax return, Well,
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that amount's going to stay the same nineteen thousand dollars
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per person to that you're making the gifts to which
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a married couple can double it. Remember too, though, if
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you are that high value of state, you can also
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consider front loading a five twenty nine plan. I've had
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other episodes of Tuesday with Tom where I've talked about
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twenty nine plans what they are. It's basically setting money
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aside to pay for educational expenses. But in twenty twenty six,
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just as in the past, you can actually front load
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a five to twenty nine plan with five years worth
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of gifts. So if you're going to set up a
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five to twenty nine plan in twenty twenty six. Let's
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say for a grandchild, you could front load it with
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five years worth of gifts, So that would be a
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single person could front load it up to ninety five
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thousand dollars, or a married couple could contribute up to
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one hundred and ninety thousand dollars for that grandchild's five
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twenty nine. So it's another way of using gifts that
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are not taxable in order to shrink the size of
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the estate and transfer assets out of the estate. So
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if that's something that you're thinking about five twenty nine
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plans and you're in a high value estate, consider talking
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to your tax advisor about that being a strategy. Something
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important to remember, though, gifts to non US citizens spouses
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are going to be treated differently. Generally, Generally, spouses who
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are both US citizens can transfer unlimited amounts to each other.
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So when we talk about this nineteen thousand dollars gift
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exemption amount, we're not talking about gifts to spouses. US
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citizens can transfer an unlimited amount of their estate to
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each other without incurring any gift taxes or without using
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up the federal state tax amount. Any amount, though that
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would be transferred to a spouse without depending upon what
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your tax planning, might well be taxed at the death
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of the SIVI spouse once we use up the federal
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state tax exemption.
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Amount we're going to talk about that in a minute.
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But gives to non.
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US citizens spouses though are limited. Why because a US
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citizens spouse might not be subject to US of state tax,
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they might take the assets out of the US and
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when they die, there's not going to be a federal
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estate tax that's going to be collected. So the law
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puts restrictions on how much can be transferred to a
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non US citizen spouse.
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And when the reception is not a usit and spouse.
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Regardless of whether the non US citizen's spouse is a
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resident or non resident in the United States, there is
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still this annual limitation amount, and so in twenty twenty six,
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the amount that can be transferred to a non US
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citizen's spouse is limited to one hundred and ninety four
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thousand dollars. Obviously, that can be dramatically different than if
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you're talking about an unlimited amount being given to a
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US spouse.
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So if you're if you've.
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Got a non US spouse, your limitation is going to
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be in twenty twenty six transferring one hundred and ninety
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four thousand dollars to that non US spouse, well, how
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without having to worry about gift taxes being paid.
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So that's the gift part.
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You can make gifts and in twenty twenty six, ohs
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of the going to be the numbers that you have
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to work within gifts.
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The other piece of the puzzle.
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Though, is the federal what we consider generally the federal
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estate tax exemption amount, and that is the amount that
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you can have in your estate when you die before
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you have to worry about having a federal estate tax
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paid on that amount. So under the One Big Beautiful
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Bill Act that was passed, that lifetime federal estate tax
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exemption amount is in twenty twenty six fifteen million dollars
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in twenty twenty seven, and going forward that amount will
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be increased by an inflation factor. And unlike what we
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were dealing with most recently, under the One Big, Big
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Beautiful Bill Act, that fifteen million dollars is now the
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set threshold amount, meaning it's not scheduled to sunset like
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was potentially going to happen in twenty fifteen, So that
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means a single person you die in twenty twenty six,
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you don't have to worry about federal estate taxes unless
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you're estate is more than fifteen million dollars. Now, one
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also has to consider, though, that it is a lifetime
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exemption amount. So think about you've got this coupon for
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fifteen million dollars. If you during your lifetime made taxable gifts,
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those would be gifts that exceeded the annual exemption amount
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for gifts. Those amounts will have to be subtracted from
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that fifteen million available to you at the time of
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your death to determine what's actually going to be due
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to the Feds.
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But fifteen million.
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Dollars per person, what does that mean for married US
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couple US citizens? You can double that essentially, and we
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generally talk about as married US citizens are going to
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have a thirty million dollar estate tax exemption amount that
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we can start working with in twenty twenty six. Again,
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that thirty million dollars will be reduced if gifts have
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been made during your lifetime that exceeded that annual gift
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exemption amount that we just talked about. So you've got
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this thirty million dollars for a married couple. Portability that
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I've talked about in previous episodes is the concept that says, hey,
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if when the first spouse dies, their estate is not
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worth fifteen million dollars, Let's say the first spouse dies
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in their estate's only worth.
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Five million dollars.
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Well, under this concept of portability, that unused ten million
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dollars can be transferred to their US spouse, so that
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US spouse now has their own fifteen million million dollars
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and in this situation the additional ten from their deceased spouse.
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So portability is what really allows a married couple US
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citizens to essentially have between the two of them thirty
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million dollars between the two of them. Four purposes of
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federal estate tax exemption amount before we have to worry
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about any federal estate taxes. Now. An important consideration, though,
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is this Normally in the normal world, when we're not
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looking at portability, a federal estate tax return only has
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to be filed if your estate exceeds that lifetime exemption amount.
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What does that mean?
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So for an individual, let's say you have not made
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any gifts during your lifetime, that exceeded that annual amount,
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so you've got this entire fifteen million dollars coupon available
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to you at the time of your death. In the
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normal world, if you only had an estate of five
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million dollars when you died in twenty twenty six, we
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would not file a federal estate tax return because there's.
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No tax due.
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We would not file a federal estate tax return unless
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your estate exceeded that fifteen million dollars. But if you
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want to take advantage of portability, meaning you want to
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transfer to your surviving spouse the unused portion of your coupon,
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in that case, a estate tax return will have to
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be filed for you in order to transfer your unused
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exclusion amount to your surviving spouse. So when when a
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spouse dies, very important planning to look at and say,
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are you going to have a federal estate tax return
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filed even though there's no federal state tax do And
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that gets in the whole discussion of do you want
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to pass on to your surviving spouse the unused.
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Portion of your federal state tax return. Well, think about this.
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Let's just take as an example, young couple, Okay, and
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oftentimes let's just say you know, somebody has just come
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out of medical school, medical school.
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Just take that as an example.
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One of the spouses just come out of medical school
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and they don't really have much yet other than perhaps
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a lot of debt for having gone to medical school.
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But that spouse who one of them dies, the surviving
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spouse might, if they're the physician, might have a substantial
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capacity to develop an increase and have a very sizable
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estate at some later point in time. So in that situation,
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even though the spouse who died first really has little
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if anything by way of an estate, it might be
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appropriate long term planning to still have a federal state
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tax return prepared for that spouse so they can pass
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on that exemption amount to the surviving spouse, who might
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well need to be using it down the road at
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the time of their deaths. So portability is an important
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consideration that has to be has to be looked at
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in every situation when a spouse passes away. So in
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summary twenty twenty six, you can give up to nineteen
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thousand dollars per recipient married couple. That's thirty eight thousand dollars. Again,
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you could increase that by front loading to a five
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nine plan. If you're going to do that, gifts to
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non US spouses are going to be limited to the
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one hundred and ninety four thousand dollars, not the unlimited
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amount that is otherwise available to US citizen spouses. And
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the lifetime federal state tax gift exemption will be at
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fifteen million dollars in twenty twenty six twice that is
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thirty million for a married couple, and considering that concept
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of using portability, that essentially means between the married couple,
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there can be a thirty million dollars worth of a
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state that we don't have to worry about if upon
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death the federal estate the estates don't exceed that thirty
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million dollar amount. Well. As always, though, Amanda and I
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would be honored to help you protect the people that
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you love, whether that means creating a new estate plan
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for me, for you, or perhaps updating in a state
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plan that you already have, discussing some of these tax
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issues that we've already talked about. Now, we're not tax attorneys,
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but we could have discussions with you and work with
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your tax advisor to the extent that legal assistance was
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needed in doing that, or maybe you're handling the estate
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for a loved one who's recently died, and you're looking
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for some assistance in guiding you through the estate settlement
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process during what is going to be a very difficult.
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Time for you.
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Will we try to make everything as easy and convenient
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as possible to get started. We can offer you an
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in person appointment that can either be in ground Rapids
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or our lancing location. We offer wherever you happen to
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be in the state of Michigan, virtual consultations. Those can
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be by zoom or phone. So wherever you happen to
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be in the state of Michigan, we should be able
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to be of assistance to you. We've got any number
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