$12,060,000 – Lifetime limit that can be excluded from gift and estate taxes in 2022. The exclusion amount is adjusted annually for inflation but is scheduled to revert to its pre-2018 level ($5 million adjusted for inflation) after 2025. “Portability” enables a surviving spouse to use the deceased spouse’s unused exclusion amount if the appropriate election is made.
A 2021 Gallup poll found that only 46% of U.S. adults have a will — similar to the results of other Gallup polls over the last 30 years. It’s not surprising that older people are more likely to have a will, as are people with higher incomes.
Regardless of age or income, having a will is an essential step to pass your assets to your heirs with clarity and confidence. A will enables you to distribute your property, name an executor for your estate, and appoint a guardian for minor children. Various software programs may help you create a will, but it is generally better to consult an attorney who is familiar with the laws of your state.
Source: Gallup, 2021
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