Here are some tax-related changes for 2026 to keep in mind:

1. The annual federal gift tax exclusion for 2026 remains $19,000 per person.  There is no increase. (Tax exclusion for gifts to a non-US citizen spouse increases to $194,000). 

2.      The federal estate and lifetime gift tax exemptions for 2026 each increased to $15 million per person. A married couple may shield twice that amount for a total estate tax exemption of up to $30 million.  (There is no New York State gift tax.  However, gifts made within three years of decedent’s death are brought back into the decedent’s estate and included for determination of New York State estate tax.)

3.      The New York State estate tax exemption for 2026 is $7.35 million per person.