News and Commentary

Estate Planning Continues through Tax Reform Uncertainty By Eric P. Zeitlin

High-net-worth families breathed a collective sigh of relief as 2021 concluded without Congressional approval of the White House’s Build Back Better economic and social services agenda. However, even with the potential demise of the bill and many of its previously proposed tax consequences, wealthy families should not put on hold the estate-planning strategies they already set into motion earlier this year.

The latest version of the Build Back Better framework is a far cry from the $3.5 trillion spending package the House Budget Committee approved in September. Gone are proposals to increase income and capital gains tax rates, reduce federal estate tax exemptions and restrict and even nullify the tax-benefits of certain retirement saving plans and grantor trusts. Moreover, with West Virginia Senator Joe Mancin’s December rejection of the bill in its entirety, it’s unknown whether any significant tax reform legislation will be enacted in 2022.

This does not mean families should abandon recently adopted estate-planning strategies or postpone planning in general. Rather, ongoing planning under the guidance of professional advisors is critical in helping to protect wealth today and ensuring heirs are well cared for in the future. The tax consequences of those decisions are, indeed, important, but they should never be the guiding principle behind a well-thought-out estate plan that meets a family’s unique needs and goals. If history is an indication of the future, tax laws will continue to evolve along with changing political currents. However, the best way anyone can stay afloat and ride out unpredictable storms is to have an estate plan that keeps you and your family well-anchored.

About the Author: Eric P. Zeitlin is CEO and managing director of Provenance Wealth Advisors, an Independent Registered Investment Advisor affiliated with Berkowitz Pollack Brant Advisors
+ CPAs, and a registered representative with Raymond James Financial Services. For more information, call (954) 712-8888 or email

Provenance Wealth Advisors, 515 E. Las Olas Blvd., Ft. Lauderdale, FL 33301 (954) 712-8888.

Eric P. Zeitlin is a registered representative of and offers securities through Raymond James Financial Services, Inc., Members FINRA/SIPC.

Raymond James is not affiliated with and does not endorse the opinions or services of Berkowitz Pollack Brant Advisors + CPAs. PWA is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc., and Provenance Wealth Advisors.

This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. Any opinions are those of the advisors of PWA and not necessarily those of Raymond James. RJFS does not provide tax advice. You should discuss any tax or legal matters with the appropriate professional. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

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Posted January 13, 2022