Effective January 1, 2024, the federal estate, gift and generation-skipping transfer tax exemptions have been increased from $12,920,000 to $13,610,000 ($27,220,000 for married couples). Thus, individuals may transfer up to $13,610,000 during their lifetimes or upon death without the imposition of federal gift or estate tax. Individuals also may make significant generation-skipping transfers without the imposition of tax.
