Ringing in the New Year with the Highest-Ever Exemption Amounts for Gift and Estate Taxes
For 2023, the IRS announced increased exemption amounts for gift, estate, and generation-skipping transfer taxes. Because of inflation, these increases are the largest-ever, and offer tremendous wealth transfer planning opportunities. The gift tax annual exclusion increased this year by $1,000 to $17,000. This exclusion is the amount an individual may give per person without incurring […]