In 2022, the annual gift tax exclusion will increase from $15,000 to $16,000 per recipient.
In 2022, the estate and gift tax exemption will increase from $11.7 million to $12.06 million per taxpayer.
See IRS provides tax inflation adjustments for tax year 2022. See also IRS Announces Increased Gift and Estate Tax Exemption Amounts
Also of interest, the IRS issued final regulations establishing a new user fee for an estate tax closing letter. An estate closing letter informs the recipient that the IRS has accepted an estate tax return and/or generation skipping tax return.
Prior to June 2015, the letters, although not mandated by any statute, were automatically issued upon closing of every estate tax return filed. Since then, they have been issued only upon request. That change was prompted by the number of estate tax filings having dramatically increased after late 2010, when the “portability” provision in Sec. 2010(c) was enacted.
See P. Bonner, Journal of Accountancy, Final regulations establish a user fee for estate tax closing letters (9/27/2021)
ADLs and IADLs Activities of Daily Living and Instrumental Activities of Daily Living describe basic…
Planning for Adult Children with Disabilities Childhood Disability Benefits assist disabled children and adults who…
Video Wills You might wonder whether you can make a video recording of yourself stating…
2025 Georgia Medicaid Transfer Penalty If an applicant for long-term care Medicaid (e.g., nursing home…
Recently, my dad died. While I was driving back from being sworn in as his…
In Georgia, an individual has legal capacity to make a Will "when the testator has…
