What are 2023 updates related to estate planning?

In brief, here are a few updates for the coming year to be aware of:

• The annual exclusion for gifts is increasing to $17,000 per person for the calendar year 2023. (For 2022, it's $16,000.)

• People who die in 2023 have an estate tax exemption of $12.92 million per person ($12,920,000) or $25.84 million ($25,840,000) for a married couple. (For 2022, it's 12.06 million; $24.12 million.)

• As of April 1, 2022, you can still avoid probate via a small estate affidavit if you have less than $184,500 (previously $166,250).

It’s a lot of numbers! If you have any questions, please feel free to reach out to me.