Estate and Gift Tax Exemption Amount to Significantly Increase with Inflation
Every year, the estate and gift tax “basic exclusion amount” (commonly known as the “estate and gift tax exemption amount”) is adjusted for inflation. The Tax Cuts and Jobs Act passed in 2017 doubled the estate and gift tax exemption amount from $5 million to $10 million, adjusted for inflation. The amount is set to go back to $5 million, adjusted for …