The IRS has announced the official estate and gift exclusion amounts for 2023.    

For an estate of any decedent dying during calendar year 2023, the applicable exclusion is increased from $12.06 million to $12.92 million.  This change increases not only the applicable exclusion amount available at death, but also a taxpayer’s lifetime gift applicable

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