Gift Tax Exclusion

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.

This Brief is designed to provide our friends and clients with information regarding the various subject matters covered, it is not designed to take place of legal, accounting or other professional advice.  If expert assistance is required, the services of a competent professional should be sought. This memorandum may constitute advertising under the rules regulating Illinois attorneys.