The laws did not change, but the dollar amounts you can give away have increased significantly due to the effects of high inflation last year.
Estate tax laws did not change in 2023, but the dollar amounts you can give away have increased significantly due to the effects of high inflation last year.The laws did not change, but the dollar amounts you can give away have increased significantly because of the effects of high inflation last year.
A married couple gets two of the $12.92 million exemptions, meaning together they can give away a combined $25.84 million. If a person gives another person more than $17,000, the excess starts using up the $12.92 million lifetime exemption mentioned before. She could attempt to prepare her own will or codicil, but there is a significant risk that she will not do it correctly.
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