Applicable exclusion amount

The total value of property that an individual may give to others, either through lifetime gifting or at death, without incurring federal estate, gift or generating skipping transfer tax. For 2022, the applicable exclusion amount is $12.06 million per person and is adjusted for inflation each year. The applicable exclusion amount is subject to change through legislation, and is currently scheduled to “sunset” back to $5 million (adjusted for inflation) after 2025.

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Reference: Applicable exclusion amount