2022 Estate and Gift Tax Exemptions
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In 2021, there were numerous proposals brought forward to 1) lower the federal transfer tax exemption and 2) increase the tax rates. As we are well into 2022, none of the proposals were enacted. Consequently, the estate, gift, and GST tax exemptions have increased for inflation for the current year allowing individuals to take advantage of attractive exemptions and rates before they return to $5 million in 2026.  

The chart below displays the current 2022 estate and gift transfer tax exemptions in comparison to 2021: 

2022 Estate and Gift Tax Exemptions

Although none of the proposals were enacted, there are still opportunities for effective estate planning today. With real estate appreciation and stock values increasing, your estate may be subject to taxes when the current increased federal transfer tax exemptions sunset at the end of 2025. Gift and estate taxation will continue to evolve in the future.

Planning for 2022 Estate and Gift Tax Exemptions

There may be steps you can take today to better position your estate regardless of what the exemptions or tax rates may be in the future. The window for planning in the future may be limited. Start devising your plan today by calling Ryan & Wetmore. 

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About Mike Wetmore

Partner, Co-founder, & CPA

Michael co-founded Ryan & Wetmore PC in 1988. Through his leadership and dedication, the firm has grown from a 2 person firm to a 3 office, 45 person firm serving the Mid-Atlantic region. Michael currently works with clients concerning individual, corporate, partnerships, and estate tax planning and preparation.

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Carrie Karn, CPA at Ryan & Wetmore

About Carrie Karn

Senior Manager & CPA

As a Senior Manager, Carrie supervises her team of accountants and works with small businesses, non-profit organizations, and high-wealth individuals, assisting with matters such as estate and trust planning/administration. Furthermore, Carrie helps clients by providing financial and tax advice, providing accurate and complete tax returns and financial statements, and conducting 401k audits.

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