With the holiday season upon us and gifting in mind, in 2022, you can make a tax-free annual exclusion gift of $16,000 to an unlimited number of individual beneficiaries. If you are married, you and your spouse can gift $32,000 together per beneficiary. Gifts at or under the annual exclusion amount do not use up any of your “unified credit”, your lifetime federal gift tax exemption. In 2023, the annual exclusion will increase to $17,000 per person or $34,000 for a married couple.
Read more: https://www.wbny.com/End-of-Year-Estate-Tax-Planning-2023