Understand What You Need to Know About Estate and Probate Taxes in 2023
Understanding the most up-to-date estate and probate tax regulations is crucial to ensure assets are efficiently transferred to intended beneficiaries while minimizing tax liabilities. Changes to federal and state estate and probate tax laws, including the increase of the federal gift/estate tax exemption and GST tax exemption from $12,060,000 to $12,920,000, have made it essential to stay informed about estate and probate taxes in 2023.