Financial Briefs

More Articles  Printer Friendly Version


Estate Planning For The 99.5% Of Americans

In 2017, the Tax Cuts & Jobs Act of 2018 (TCJA) effectively repealed estate tax by doubling the amount of wealth that could be transferred tax exempt from $5.5 to $11.2 million.

In 2022, lifetime and post-mortem gifts of $12.06 million are exempt from taxation. Allowing joint filers (read: couples) to pass $25 million to their heirs tax-free redefined the rules of estate planning not only for the top one-half of 1% of taxpayers, it also rewrote the rules for how the other 99.5% pass their assets to their spouse, children, grandchildren, charities, and create a lasting legacy.

5044 2

Beneficiary forms and titling of your assets are crucial estate planning decisions for 99.5% of Americans who do not have taxable estates. This is a financial planning issue not reported on in the major financial media outlets because it’s not breaking news. However, it is strategic planning for a legacy, that could keep your spirit and values alive for generations to come.

How you title securities accounts held in IRAs, 401(k) and other federally qualified retirement accounts as well as real estate and other assets, is estate planning for 99.5% of Americans. Estate planning was once only for the richest Americans. Now, even if you’re not among the top one-half of 1% of American taxpayers, creating a legacy by designating who will inherit your qualified retirement accounts can change the future for your children, grandchildren, and support charitable causes you care about.

Because of changes in state property laws and the increase in the estate and gift tax exemption, creating a legacy – once the province of legal professionals only -- is a topic to talk with us about.

Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances.
The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions.
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.

Email this article to a friend

10 Year-End Tips to Slash Your 2022 Tax Bill
Start Thinking About Year-End Tax Planning Now
The New Retirement Plan Distribution Rules
Relying On An IRA Custodian For Advice
Financial Disappointment Can Darken Your Financial View
Why Knowledge Of Financial History is Critical To Investors
Inflation Declined And Stocks Rallied Today
Amid 2Q '22 Turmoil, Fed’s Robo-Economist Forecast Was More Accurate Than Leading Economists
A Long-Term Perspective Amid The Bear Market Of 2022
Since A Picture Is Worth A Thousand Words, We’ll Be Brief
2022 Estate & Gift Tax Planning For Large Estates
Investor Alert: Bear Markets Bring Out Advice And Scams Preying On Fear
What Happens With Your Assets When You Die?
The Worst Of The Bear Market Is Over, Says Poll Of Professional Wealth Advisors
Feeling Stressed About Money? You're Not Alone

This article was written by a professional financial journalist for Blattel & Associates and is not intended as legal or investment advice.

©2022 Advisor Products Inc. All Rights Reserved.

The articles and opinions on this site are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your advisor with regard to your individual situation.
All summaries/prices/quotes/statistics presented here have been obtained from sources we believe to be reliable, but we cannot guarantee its accuracy or completeness. Past performance is no guarantee of future results.
When you access certain links on the Blattel & Associates website you may leave this website. We do not endorse the content of such websites nor the products, services or other items offered through such websites. Any links to other sites are not intended as referrals or endorsements, but are merely provided to the users of the Blattel & Associates website for convenience and informational purposes.
Robert Blattel is a CERTIFIED FINANCIAL PLANNERTM practitioner. The partners of Blattel & Associates are not registered in all states. Please contact us to verify availability in your state. This is not an offer to buy or sell any security.
CFP® and CERTIFIED FINANCIAL PLANNERTM are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board’s initial and ongoing certification requirements.
Securities and Investment Advisory Services offered through Cutter & Company Brokerage, Inc., 15415 Clayton Road, Ballwin, Missouri 63011 * (636) 537-8770. Member FINRA/SIPC.
Privacy Policy can be read at