01/28/2026
Some figures to know for 2026:
💸The estate and gift tax exclusion amount has increased to $15M per person -- this is the amount you can give away without incurring federal tax.
🎁The annual gift exclusion is $19,000 per person -- this is the amount you can gift to someone without incurring gift tax or using your lifetime exclusion amount.
🧑🎓🏥 If you make payments for qualifying tuition and medical expenses directly to the institution or provider, this does not incur a gift tax and can be paid in addition to the annual gift exclusion amount.
💰If you take the standard deduction, you can claim an above-the-line deduction for cash contributions up to $1,000 (individual) or $2,000 (married filing jointly) made directly to a public charity. If you take an itemized deduction, you can only deduct charitable contributions that exceed 0.5% of your adjusted gross income.
🧐It's important to review your estate and gift plans in light of changes in law, your financial situation, and personal circumstances.
By Katherine Lickteig, Estate Planning Attorney in Austin, Texas
