Did you know that the federal estate tax exemption has been increased to $12.9 million for 2023?
This means that the gross value of your estate must exceed $12.9 million before any federal estate taxes come due.
In addition, if you’re married, the government allows your estate to transfer any unused portion of your tax exemption to your spouse, which is referred to as “portability.”
And the icing on the cake is that your spouse’s estate is also entitled to a $12.9 million estate tax exemption in the year they die, and your unused exemption is added to that amount.
For high-net-worth individuals, it is essential that you have up-to-date estate planning legal documents in place that take full advantage of these current beneficial estate tax laws.
Visit our website at www.EvanBenjaminLawyer.com today to schedule a no-cost estate planning consultation.