The Federal estate and gift tax exemption is $12.06 million per individual for 2022, an increase from $11.7 million in 2021.
The Federal gift tax annual exclusion has also increased to $16,000 per donee. The exclusion was $15,000 for 2018 – 2021.
For more information, click here.
Maryland does not impose a gift tax, which means that the Maryland Estate Tax can be avoided entirely by making lifetime gifts.
See our previous blog post – https://hfflegal.com/maryland-estate-tax-lifetime-gifts-to-eliminate-the-tax/
Contact us to discuss how to take full advantage of these opportunities.