Attorney, Daniel H. Alexander has over 20 years of experience in Estate Planning, Business Planning and Civil Litigation.
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Gift and Estate Tax Law Changes 2022:
Gift Tax Exclusion
The gift tax exclusion in 2022 has increased to $16,000 per individual or $32,000 per married couple splitting their gifts. With this you can give up to $16,000 to as many people as you wish without those gifts counting against your lifetime exemption which is stated below.
Federal Estate Tax Exemption
The Federal Estate and Gift Tax exemption increased to $12.06 million per individual. This means that a single person can give away $12.06 million of assets over the course of your life without owing any Federal Estate tax and for a married couple it is 24.12 million.
In 2026, the Federal Estate and Gift Tax exemption is to go down to approximately $5 million. The IRS has now clarified that they will not “claw back” gifts given between 2018-2025 that exceed $5 million, with regard to someone who dies in or after 2026.