The IRS has announced that estate and gift tax exemptions will change in 2023
- Estates of decedents who die during 2023 have a basic exclusion amount of $12,920,000, up from $12,060,000 for estates of decedents who died in 2022.
- The annual exclusion for gifts increases to $17,000 for calendar year 2023, up from $16,000 for calendar year 2022.
Estate and gift planning while the exemption is high is an important issue for high net worth families.
For details of many of these and other inflation adjustments, go to https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023