Estate and Gift Taxes for 2022 – A New Environment
For 2022, the Internal Revenue Service increased the federal estate and gift tax lifetime exemptions to $12,060,000 per person ($24,120,000 million for a couple). This means that an individual’s estate will not be taxed by the federal government if it is within those limits. Therefore, a couple with assets of under $24.12 million will not have a federal estate tax imposed on their collective estate provided proper planning is done. Further, a gift tax will not be imposed if lifetime gifts are made within those limits.
