2019 US tax year end planning: Estate & gift tax

For an estate of a US citizen or domicile who makes taxable gifts or passes away in calendar year 2019, the basic exclusion amount is $11,400,000 for determining the amount of credit against Estate or Gift Tax.

Last updated: 13 November 2019

This creates opportunities for more gifting/estate planning going forward. Remember that gifts to US charitable trusts could be deemed to be a settlement for UK tax purposes, assuming the settlor is considered UK domiciled. There could be potential tax efficient gifts that could be considered before year-end. For example, you could make a gift of up to $15,000, per donee, per donor and not use up the current $11.4M estate tax threshold. 

Click here to go back to 2019 US Tax Year End Planning. 

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Please speak to us if you would like advice on having US/UK tax relief on charitable contributions and avoiding any UK Inheritance Tax on a settlement into trust.

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