‘TIS THE SEASON FOR INCREASED GIFT AND ESTATE TAX EXEMPTIONS
The Internal Revenue Service (“IRS”) recently published Rev. Proc. 2022-38, which announced increases to the estate and gift tax exemption amounts. For 2023, the estate and gift tax exemption will be $12.92 million per individual, up from $12.06 million in 2022. This increase means that a married couple may collectively shield up to $25.84 million […]