IRS bumps up estate-tax exclusion to $12.92 million for 2023. Here's what that means for wealthy Americans.
With the stock market down in 2022, many are sitting on lower-value portfolios and the higher exclusion next year may provide opportunities for "more aggressive" estate-planning techniques, such as shielding wealth via trusts, he said.The estate-tax exclusion has roughly doubled since Republicans' signature tax overhaul in 2017. Without further action from Congress, the provision will sunset after 2025, leaving a limited window to leverage the higher limits.
Regardless of what legislation happens, 2023 is shaping up to be a "very big year for estate planning," Brewer added.
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