Reviews & Ratings
- posted: Feb. 07, 2023
Estates and Gift Tax Exemptions are increased for 2023
The Internal Revenue Service (IRS) has released the revised changes to certain parts of the IRS code via Rev. Proc. 2022-38, specifically to estates:
- The estate and lifetime gift tax exemption amount increased to $12.92 million per individual for 2023, up from $12.06 million per individual for 2022.  This represents the total amount, including gifts made during the individual’s lifetime, that is exempt under Federal Estate taxes;
- The annual gift tax exclusion amount is increased to $17,000 for 2023, up from $16,000 for 2022.
It is highly advisable to discuss with a competent attorney when dealing with your Estate and Trust Planning Needs. Call our office today at 540-443-9255, or email at [email protected] to discuss your estate planning needs with an experienced estate planning attorney.