Estate Planning, Friedman and Ranzenhofer, PC Law Blog

U.S. Gift Tax Exclusion Increases in 2022

U.S. Gift Tax Exclusion Increases in 2022The annual exclusion on the federal gift tax will increase to $16,000 in 2022 from 2018 to 2021 the exclusion was $15,000. The general rule is that any gift is a taxable gift, except for:

  1. Gifts that is not more than the annual exclusion for the calendar year.
  2. Tuition or medical expenses you pay for someone (the educational and medical exclusions).
  3. Gifts to your spouse.
  4. Gifts to a political organization for its use.

In addition, gifts to qualifying charities are deductible from the value of the gifts made. Contact experienced New York estate planning attorneys Friedman & Ranzenhofer, PC at (716) 333-5144 to prepare your estate plan and protect your assets.

Robert Friedman, Esq. Avatar

Robert Friedman, Esq.

Partner/Attorney Hamline University School of Law, New York State Bar, U.S. District Court for the Western District of New York

ROBERT FRIEDMAN, ATTORNEY BY THE NUMBERS

  • 30,000+ DANGEROUS DRIVERS SUCCESSFULLY PROSECUTED OVER THE PAST 35 YEARS AS A VEHICLE & TRAFFIC PROSECUTOR.  Named 2003 WNY Prosecutor of the Year.
  • 65 YEARS LAW FIRM HISTORY.
  • 47 YEARS OF EXPERIENCE PRACTICING LAW.
Areas of Expertise: Business Law, Elder Law, Estate Planning, Gun Laws, Medicaid Law, Personal Injury, Probate & Estates, Real Estate
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