The federal gift and estate tax exemption will be increasing to $12,060,000 for an individual dying in 2022 (from $11,700,000 in 2021). The Tax Cuts and Jobs Act doubled the exemption base amount from $5 million to $10 million, with the amount indexed for inflation. Be aware that the doubled amount will continue to be adjusted annually for inflation, but it expires after 2025. Without further legislation, the gift and estate tax exemption will return to an inflation-adjusted $5 million in 2026. For 2022, the annual gift tax exclusion will increase to $16,000 per recipient (from $15,000 in 2021). Call or visit our website for more information! www.mjscpa.com/
