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2022 Adjustments
| What’s in a number: 2022 Inflation Adjustments As we kick off the New Year, inflation continues to grab headlines. While most are focused on how rising inflation will drag purchasing power, don’t forget that many IRS-published rates are also adjusted annually for inflation. To help you hone in on the rate changes to support planning and policy-review conversations with your clients, we have updated the following popular client materials to reflect the 2022 inflation-adjusted numbers: Fingertip tax guide 2022 provides quick access to many of the inflation-adjusted numbers you may need and more — including federal income tax brackets, social security adjusted numbers, estate- and gift-tax exemptions and lifetime exemptions. It even includes the long-term care per diem numbers (which surprisingly went down amidst rising LTC costs; see below for more info). Estate planning client guide 2022 covers everything from the basics and importance of estate planning to some of the more sophisticated options available — making it a go-to resource. The 2022 estate-tax and lifetime-giving exemption is at a historical high of $12.06M. Don’t miss this limited window of opportunity to talk to high-net-worth clients before the exemption sunsets to $5M in 2026. Tax diversification guide has been updated to focus on some of the 2022 qualified plan and social security numbers. Tax diversification has become an increasingly popular topic given the uncertainty of tax rates and the impact of taxes on distributions in retirement. This piece is a great starting point to start having holistic discussions on tax planning, including how life insurance can play an important role in mitigating the impact of taxes during retirement years and in estate planning. |