Taxes on Inheritance in Texas

[Grayson]

The personal life time tax exemption varies from year to year. In 2020 it was $14.5 million. As a married couple you can double that figure. The personal gift tax has been steady at $15K per year for a while now.

Even if there is not a substantial estate I would definitely be in contact with a lawyer. He or she should be able to explain things better than a interwebs forum.

This figure is a little high. If you have questions about inheritance, estates, or anything in between, definitely contact an attorney experienced in these matters.

[Turboe]

Not to hijack the thread but I'm not looking forward to when it's time to find a tax attorney, estate planner or a professional in this type of field for guidance for these types of situations. I guess a lot of research and hopefully great recommendations from people you trust.

[Shane]

The personal life time tax exemption varies from year to year. In 2020 it was $14.5 million. As a married couple you can double that figure. The personal gift tax has been steady at $15K per year for a while now.

Even if there is not a substantial estate I would definitely be in contact with a lawyer. He or she should be able to explain things better than a interwebs forum.

The estate tax exclusion about for 2020 was $11,580,000 per person. It's $11,700,000 per person for 2021. But as others have said, expect that number to be reduced, maybe retroactively to 1/1/21 or maybe at some future date in the not too distant future. The step up in cost basis at death may go away as well.