For high net worth individuals, the gift and estate tax lifetime exclusion amount is a key figure of how much wealth you can pass on to the next generation without paying tax. In 2021, this amount rises to $11.7 million, up from $11.58 million in 2020.

More people focus on the annual gift tax exclusion amount. That lets people give up to $15,000 per year to as many different recipients as they want in 2021. That amount is unchanged from 2020's level.