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Estate Tax Exemption Amount Goes Up for 2022

November 27, 2021

From the Kiplinger website

The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death. The fair market value of these items is used, not necessarily what you paid for them or what their values were when you acquired them. The total of all of these items is your “Gross Estate.” The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets.

The federal estate tax exemption is going up again for 2022. The amount is adjusted each year for inflation, so that’s not a surprise. But it’s still a big deal when the new exemption is announced each year because there’s a lot at stake for certain high-income Americans.

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