What Is a Unified Tax Credit?
The unified tax credit, also called the unified transfer tax, combines two separate lifetime tax exemptions for gift and estate taxes. The combined exemption limit applies to the taxable gifts you make to others during your lifetime (inter vivos gifts) and the money and assets you leave behind to beneficiaries (testamentary transfers). The credit is afforded to every U.S. taxpayer by the Internal Revenue Service (IRS).
