The IRS released Revenue Procedure 2021-45 which announces the increase in 2022 of the estate, gift and generation-skipping transfer tax applicable exclusion amounts from $11.7 million to $12.06 million.  The applicable exclusion amounts currently remain scheduled to expire on December 31, 2025, which would result in a reduction in the exclusion amounts to $5 million

In an overwhelming 417-3 vote, the US House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”), which has now been incorporated into a spending bill that was signed by President Trump on December 20, 2019.  While the SECURE Act includes numerous changes to certain qualified retirement plans, there