The holidays are the perfect time to assess your current estate plans and to determine if any changes need to be made. This is particularly true if your plans include spending time with your beneficiaries, personal representatives and trustees. Important to note too are the following changes for 2023: The Federal Estate and Gift Tax rate is increasing to $12.92 million. The Federal Gift tax exemption is increasing to $17 million per person. The capital gains 0%, 15% and 20% brackets see increases for both single and married filers filing jointly. Speak with your attorney to discuss how these changes will impact you and your estate planning.
-Emily A. Helmick, Esq.