Estate Gift Tax Exemption 2024. In general, the gift tax and estate tax provisions apply a unified rate schedule to a person’s cumulative taxable gifts and taxable estate to arrive at a net tentative tax. With the generous increases in exemptions, individuals and couples have the chance to pass on more wealth to their heirs without facing hefty estate taxes.

No need to sweat the federal gift tax. In 2024, an individual can make a gift of up to $18,000 a year to another individual without federal gift tax liability.