On January 1, 2023, the federal gift tax exclusion increased dramatically by $860,000.00 or $1,720,000.00 for couples, for a total of $12.06 million. This could dramatically affect your giving, funding trusts and leaving inheritances to children and grandchildren. Since the exclusion is scheduled to be reduced in 2026, and there is no telling what it will be next year. If you anticipate a large estate it is a good time to consult your lawyer to see if you could profit by this extraordinary increase.
If you have questions or if we can assist you in taking advantage of this federal gift tax increase, please contact us.