Updates to 2023 Annual Exclusion and Lifetime Exemption

The IRS just released new numbers for estate planning:

• Annual exclusion: $17,000 ($16,000 in 2022)
• Lifetime exemption: $12,920,000 ($12,060,000 in 2022)

Now is a great time to contact clients to encourage them to utilize these opportunities. And for those who have already utilized their lifetime exemptions, discuss how they can leverage an additional $860,000 ($1,720,000 for married couples) beginning January 1, 2023.