Nicole Flaherty Cropper

The federal gift and estate tax exemption and the generation-skipping transfer tax exemption increased to $13,990,000 per person. The federal gift tax annual exclusion amount increased to $19,000 per donee per donor. The period for a late election of portability for a decedent’s unused federal estate tax exemption remains at five years after the decedent’s date of death. It may be advisable to take advantage of the increased federal exemption amounts prior to the sunset at the end of 2025.