What are the 2014 federal estate tax rate and lifetime gift exclusion amount?


Quick Answer

For 2014, the federal estate tax rate was 40 percent on estates over the exclusion amount of $5.34 million, according to Bankrate. The lifetime gift exclusion, or unified credit, allows people to give away up to $5 million over their lifetime without having to pay gift tax.

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Full Answer

The exclusion amount for 2015 on estates is $5.43 million, according to Bankrate. For 2014 and 2015, individuals can give up to $14,000 per year to each person and as many persons as they choose without incurring gift tax. People may also give charitable gifts, gifts to a spouse, gifts to a political organization for its use, educational expense gifts and medical expense gifts without paying gift tax.

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