The IRS recently announced that it will adjust estate tax exclusions in 2023 for inflation. How this affects you and your estate planning:

• The estate tax basic exclusion amount will increase from $12.06 million to $12.92 million
• The annual exclusion for gifts will increase from $16,000 to $17,000
• The threshold for the top estates and trusts tax bracket will increase from $13,451 to $14,451

More details on the latest adjustments for inflation are available on the IRS website.

Changes like these are why we recommend our clients enroll in the JM Law CARES estate and legacy planning maintenance program, the best way to be proactive and adapt your plan to changes in estate and tax laws and regulations. To find out more, see our overview of the JM Law CARES program.