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For the calendar year 2022, you can give or donate $16k to as many people as you want without being required to file a gift tax return and without using any of your basic exclusion amount. If you’re married, since each of you can donate, you and your spouse can donate $32k to as many people as you want without gift tax consequences. And then, on top of that, when you pass away, you’ll have an estate tax basic exclusion amount of $12,060,000 to protect the rest of your estate from the 40% estate tax. Many experts did not anticipate that the estate tax exclusion amount would remain so high for 2022, but as of now, it’s $12.06m for estates of people who pass away in 2022. I, for one, certainly realize that this tax only impacts a very small percentage of people or families in America today, but when it does apply, the tax owed after the death of a family member can be staggering.
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By: America's Estate Planning Lawyers
Title: New Estate and Gift Tax Laws for 2022
Sourced From: www.youtube.com/watch?v=feJO6_rAGCU
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