Updated Small Estate Value and Estate and Gift Tax Exclusions for 2020.
A few updates of some important numbers in the estate planning world taking effect on January 1st.
California Small Estate: Probate Code §13100 increases the allowable value of personal property to transfer under an Affidavit of Small Estate (avoiding probate) to $166,250 (up from $150,000).
Estate Tax Unified Credit: Internal Revenue Code §2010 increases the credit amount allowed to the estate of an individual decedent to $11,580,000 (up from $11,400,000). Through proper planning, a married couple can transfer up to $23,160,000 without any Estate Tax exposure.
Gift Tax Exemptions: Internal Revenue Code §2503 does not see any change in the annual exemption of individual gifts to any person, and remains at $15,000. Any annual gifting above that amount (per giver, per recipient) goes against the Unified Credit above.