The Internal Revenue Service recently issued Revenue Procedure 2021-45 providing calendar year 2022 inflation adjustments for more than sixty tax provisions. Two of these adjustments are of particular interest to estate planners: the increase to the basic exclusion amount (the “BEA”) to $12,060,000 and the increase to the gift tax annual exclusion amount to $16,000. These adjustments come in the wake of Congress’ decision not to decrease the BEA by half to pre-2018 levels starting in 2022.