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2022 Federal Estate Tax Exclusions
2022 Federal Estate Tax Exclusions
By: Meghan M. Reap, Esq.
The Federal Government has declared an increase in the 2022 Federal Estate Tax exclusion amount for a single individual from the $11.7 million amount in 2021 to $12.06 million, which also makes an increase in the exclusion amount for a married couple from $23.4 million in 2021 to $24.12 million for 2022. New York has also declared that the new estate tax exclusion amount per person is increasing from the 2021 amount of $5.93 million to $6,110,000 for 2022. The Federal Government has also increased the gift tax exclusion amount from the previous 2021 amount of $15,000 to the 2022 amount of $16,000.
If you have any questions, please feel free to reach out to your usual firm contact or contact Meghan Reap at [email protected].
