In 2017, the U.S. Congress passed the Tax Cuts and Jobs Act, which afforded generous provisions on gift and estate tax breaks. The act almost doubled the amount individuals and couples could pass along without incurring taxes. Presently, in 2023, individuals can pass along $12.92 million estate tax-free and couples can pass on double that, or $25.84 million. In addition to the lifetime exclusion, individuals may make annual exclusion gifts of $17,000 per donee (or $34,000 per couple if they elect…
