Are you up-to-date on the latest legal changes in estate planning, elder law, and business law? If not, you’re in luck! This update covers key legal changes as of November 2023, including IRS updates, social security adjustments, and the Corporate Transparency Act developments.
Estate Planning IRS 2024 Exemption and Gift Amounts:
The IRS has updated tax provisions for 2024, notably increasing estate and gift amounts. Check out the table below for a quick overview of the changes:
| Year | Exemption Amount | Gift Amount |
|---|---|---|
| 2023 | $11.7 million | $15,000 |
| 2024 | $12 million | $15,000 |
For more information, check out From The Internal Revenue Service’s (IRS’s) Release Of The 2024 Lifetime Exemption.
