Podcasts about estate taxes

moving new state estate taxes

Play Episode Listen Later Dec 18, 2024 15:50

This week, Todd Lutsky explains what happens to your trust and estate taxes if you move to a different state during retirement. Todd also shares his insight into timing your medicaid clock.

Ask Todd: How to reduce estate taxes

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Play Episode Listen Later Dec 11, 2024 15:37

This week, Todd Lutsky explains how to use a trust to reduce estate taxes. Todd also takes calls from listeners about their personal estate planning needs.

reduce estate taxes

Episode 274 - Top 3 Mistakes of Estate Plans with Rob Bukacek

Beer & Money

Play Episode Listen Later Nov 11, 2024 36:24

In this episode of Beer and Money, Ryan Burklo and estate planning expert Rob Bukacek discuss the critical importance of estate planning, sharing personal experiences that led them to focus on this often-overlooked area of financial planning. They delve into the complexities of probate, the differences between wills and trusts, and the strategic considerations necessary for effective estate planning. The conversation highlights common mistakes individuals make in their estate plans and emphasizes the importance of retitling assets to ensure that estate plans function as intended. Listeners are encouraged to reflect on their own estate planning needs and the implications of not having a solid plan in place. Takeaways Estate planning is crucial for everyone, not just the wealthy. Probate can be a lengthy and costly process. Having a will does not avoid probate. Trusts can provide privacy and avoid court involvement. Strategic planning can protect heirs from potential issues. Many people mistakenly believe they can handle estate planning alone. Retitling assets is essential after creating a trust. Conversations about estate plans should involve family members. Understanding the implications of estate taxes is vital. Regularly reviewing and updating estate plans is necessary. Chapters 00:00 Introduction to Estate Planning 01:03 Personal Experiences Shaping Estate Planning Focus 06:09 Understanding Probate and Its Implications 10:40 Wills vs. Trusts: Key Differences 14:32 Strategic Estate Planning for Heirs 20:23 Common Mistakes in Estate Planning 30:53 The Importance of Retitling Assets

Ask Todd: The current state of federal estate taxes

federal current state estate taxes

Play Episode Listen Later Oct 30, 2024 15:41

Todd Lutsky shares his insight on the current federal estate taxes and exemptions. Todd also takes calls from listeners about their estate planning needs.

Ask Todd: Reducing estate taxes

The Wealth Nation Podcast

Play Episode Listen Later Oct 16, 2024 16:09

Todd Lutsky shares how you can reduce your estate taxes on your assets in retirement accounts. Todd takes questions from listeners about their estate planning needs.

reducing estate taxes

Don't Die in Oregon - Ep #72

One For The Money

Play Episode Listen Later Oct 15, 2024 10:00

Welcome to episode 72 of the One for the Money podcast. I am so very grateful you have taken the time to listen. Estate and tax planning are critical aspects of better financial planning so your beneficiaries can have a better life. In this episode, I'll discuss the individual states with the highest estate and inheritance taxes. You'll learn why you don't want to die in Oregon or Maryland or a few other states. In this episode...Federal Estate Taxes [1:49]Estate Taxes vs. Inheritance Taxes [3:04]Considering Your State [3:38]Benjamin Franklin famously said “In this world, nothing is certain except death and taxes” and in this episode, my focus is on a combination of the two, namely estate and inheritance taxes which are levied at one's passing. A reminder, your estate is the sum total of all your assets at death. It would include retirement accounts, your home and other real estate, vehicles, jewelry, your classic 23-window van, and other valuable items. For a number of Americans, their estate will be worth millions of dollars. Many wonder if it would be taxed. As a reminder, there are often two categories of taxes you have to consider, namely Federal and State taxes. The good news is that most won't have to worry about Federal estate taxes because the Tax Cuts and Jobs Act which was passed a few years ago, doubled the amount of an estate that won't be taxed. Now only those estates that have a value over $13.61 million for an individual or $27.22 million for a couple will be taxed. Those are 2024 numbers and each year it is adjusted for inflation. It should be noted that starting in 2026, if the TCJA does expire then those numbers will be halved. But even in half, those are pretty large values that an estate would have to exceed for that amount to be subject to tax. Consequently, only a tiny percentage have to factor federal estate taxes into their financial planning, and those that do can pay lawyers and accountants to minimize or eliminate most of the Federal estate taxes. But just because we don't have to worry about Federal taxes, doesn't mean that our estate won't be taxed because our state residence may apply a tax or even two. The two types of taxes are estate taxes and inheritance taxes. Estate taxes are paid by the estate of the person who died before assets are distributed to the heirs of the estate. Inheritance taxes are paid by heirs on the gifts they receive. There are twelve states and the District of Columbia that impose estate taxes and six states impose inheritance taxes. Maryland is the only state to impose both an estate tax and an inheritance tax (spouses are usually exempt from the inheritance tax).Now most states have reduced or eliminated their estate and inheritance taxes over the past decade to dissuade well-off retirees from moving to more tax-friendly jurisdictions. But even if you don't consider yourself particularly wealthy, the value of your home and funds in your retirement savings could exceed the estate tax threshold in some states. With that in mind, if you live in a state that imposes an estate or inheritance tax—and you don't plan to move—you may want to talk to a certified financial planner or tax professional about steps you can take to reduce the size of your estate.Just so you are aware here are the states that tax your estate and those that tax the heirs of your estate.The Estate tax states are Washington, Oregon, Minnesota, Illinois, Vermont, NY, Maine, Mass, Connecticut, RI, Maryland, and DC.The Inheritance tax states are Nebraska, Iowa, Kentucky, Pennsylvania, NJ, and Maryland.As noted previously, the state of Maryland is on...

Maximize Your Legacy: Proven Strategies to Reduce Estate Taxes

Play Episode Listen Later Sep 30, 2024 10:14

In this episode, we dive into the crucial topic of estate planning and how you can effectively reduce estate taxes. We'll explore strategies that help preserve more of your wealth for your loved ones, from leveraging trusts to gifting assets and maximizing tax exemptions. Estate planning isn't just for the wealthy—it's for anyone who wants to ensure a smooth transfer of assets while minimizing unnecessary tax burdens. Join us as we break down these concepts in simple terms, providing actionable insights you can use to protect your legacy and optimize your financial future.

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Who pays estate taxes owed by an estate?

Estate Planning Daily

Play Episode Listen Later Sep 11, 2024 0:56

Who pays estate taxes owed by an estate? We do estate planning. We do probate. We do it well. If you are in Washington State and need help, you can get a free strategy session at the link in our bio. #estateplanning #probate #realestate #wealth #trusts #legacy #estatetaxes #lawyer #attorney #taxes #money

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EP #211 | 4 European Dividend Stocks with a Safe Dividend ✅ | & US Estate Taxes

Dividend Talk

Play Episode Listen Later Sep 8, 2024 88:46

In Episode 211 of the Dividend Talk podcast, we highlight four European dividend stocks known for their stability and reliable returns, but they are not too often talked about. If you're looking for dependable investments with solid dividends, this episode is might be for you. We kick off with the news of the week in which we discuss OnlyFans because it has paid $630 million in dividends to its owner, Leonid Radvinsky, since the start of last year. After that, we address concerns about estate taxes for Europeans holding US stocks, particularly with brokers like Interactive Brokers (IBRK). Recent dividend hikes are also on our radar. VICI Properties has increased its dividend by 4% to $0.4325 per share, while Brady Corporation has raised its dividend by 2.1% to $0.24 per share. Broadcom announced a 1% hike in its dividend, and Verizon achieved its 18th consecutive dividend increase with a 1.9% rise, resulting in a 6.2% yield. Our main focus is on four European stocks with safe dividends. Mensch und Maschine (MUM.DE) stands out for its strong growth and high safety rating. Carlsberg (CARL-B.CO) is recognized for its clear dividend policy and reliable payouts. Hornbach (HBH.DE) continues to offer consistent dividends, and Evolution AB (EVO.ST) is noted for its stable dividends and strong market presence. Tune in to Episode 211 to explore these safe European dividend stocks and gain valuable insights into enhancing your investment strategy.

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What Is The Best Way To Avoid Estate Taxes?

Anderson Business Advisors Podcast

Play Episode Listen Later Sep 4, 2024 69:33

Today, attorneys Toby Mathis, Esq., and Eliot Thomas, Esq., answer listener questions with a focus on various strategies for minimizing estate and income taxes. You'll hear about how to use non-profits or irrevocable trusts to avoid estate taxes, structuring an assisted care business with asset protection strategies, and setting up single-member LLCs taxed as S-Corps. For short-term rental tax deductions, it's clarified that a property can't serve both vacation and business purposes. The questions also address investment in qualified opportunity zones or QOZ's, 1099 tax options for truck drivers and other independent contractors, deducting home improvement costs, and alternatives to 1031 exchanges. Submit your tax question to taxtuesday@andersonadvisors.com Highlights/Topics: What is the best way to avoid estate tax? - Setting up a non-profit, or an irrevocable trust. Currently, only estates over $13 million get a federal tax I'm a nurse. I'm interested in starting an assisted care business in my home. Any recommendations to use for taxes or startup strategies? - Focus on asset protection - separate your building vs. operations in an LLC. You'll need good insurance and other protections for anyone coming into your home. My wife has a single-member LLC engineering firm and it's taxed as an SCorp. I plan to open my own business. Would I be able to open my own single-member LLC tax as an S -Corp? My CPA advised me to run my business through hers so that only one 1120S is filed. - Yes to the SCorp and NO to running through your wife's LLC. If you get sued someone can take everything from you. Can I use my vacation home as a short-term rental to tax write-off? So how do we do that? - it's either vacation or it's business, you don't do both, okay? I hear a lot about seven average days, but there is a lot of confusion behind those seven days. - The only reason there's confusion is because people don't know how to read the regs… I've realized capital gains from an installment sale in 2023. I've not received capital gains up to my basis yet. I will have a chunk every year up to the next five years. Can I still invest in a qualified opportunity zone? - QOZ's are ending at the end of 2026 I would like to focus on 1099-related options. I'm a truck driver, and I feel I'm paying very high taxes. - This is broader than just truckers, but don't start a sole proprietorship, try a C or S- Corp to cut down employment taxes. Sold our investment property in 2023, which was previously our residence for 10 years. When we started renting out our property about five years ago, our CPA did not advise us on updating the cost basis because you don't. Right. We have done many upgrades to the house during the 10-year stay. So this year, when we file our taxes and report the sale, we will be using the initial cost basis for the home. My question is, any way to deduct the expenses we had when it was our residence? - See form 315 to capture that missed depreciation. I see different ads from others saying there are options other than a 1031 exchange to defer taxes. Looking for any viable options, please. - We can look for UPREITS, Umbrella, partnership, real estate investment trust, things like that. Being a senior over 70, I really enjoy the videos I watch on YouTube as it's never too late to learn and try to understand real estate investing in taxes. But even if I do pick up some of the things, I still would need experts to do the job for me. What would it cost for Anderson's group to follow my future investments? I want to do this for my daughter who is now in her second year of college. - If you want turn-key investing, come to infinity investing Resources: How to Avoid Taxes When Selling Your Rental Property Infinity Investing Schedule Your FREE Consultation Tax and Asset Protection Events Anderson Advisors Toby Mathis YouTube Toby Mathis TikTok

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146: Trustee and Executor Responsibilities: Best Practices and Pitfalls Part 3

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Play Episode Listen Later Aug 28, 2024 6:16

Navigating estate planning as a surviving spouse can be complex, especially when dealing with the intricacies of an A-B trust. In this episode of “Trustee and Executor Responsibilities: Best Practices and Pitfalls,” Kirsten Howe and associate attorney Jessica Colbert focus on the A-B Trust—an estate planning tool that was once commonly used to minimize estate taxes but is often misunderstood today. They explain what an A-B Trust is, why it's important to address the trust split promptly after a spouse's passing, and the complications that can arise if it's delayed. Whether you're a trustee, executor, or simply looking to better understand how to protect your assets, this episode offers clear, practical advice to guide you through the process. Tune in to learn the essential do's and don'ts for surviving spouses handling an A-B trust. Time-stamped Show Notes: 0:00 Introduction 1:11 Curious about how an A-B Trust works? Press play here for a straightforward explanation. 1:52 Did you know an A-B Trust might not be the best tool for avoiding estate taxes? 3:14 Ever heard of a “stale trust”? This is what happens when you wait too long to address your trust after a loved one passes. 4:14 If you have an A-B Trust, splitting it when your spouse passes is required—but there is a potential workaround. Learn more here.

How Can You Preserve Your Assets for Your Heirs?

Financial Decoder

Play Episode Listen Later Aug 19, 2024 35:04

Taxes are just one part of estate planning. People are also asked to consider custody arrangements, medical decisions, and legal issues. But it comes as no surprise that people who have worked their whole lives to build an estate are wary of letting taxes and fees eat away at their hard-earned assets. Further complicating the current environment is the fact that lifetime estate and gift tax exemption thresholds are poised to be cut in half at the stroke of midnight December 31, 2025, leading to a potentially sharp jump in some estates' tax liability. But there's still time to prepare. On this episode of Financial Decoder, Mark interviews Austin Jarvis, director of estate, trust, and high-net-worth tax at the Schwab Center for Financial Research. They discuss why everyone needs a will, various estate planning documents, and what to do if you have a large estate that might owe more taxes later.You can read articles from Austin Jarvis, including “Estate Planning for Low Interest Rates” and “How to Help Your Grandkids Pay for College” on Schwab.com. Follow Financial Decoder for free on Apple Podcasts or wherever you listen.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Investing involves risk, including loss of principal.The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.Schwab does not provide tax advice. Clients should consult a professional tax advisor for their tax advice needs.Consult with an attorney and tax advisor prior to taking any action based upon this information.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.(0824-LC7F)

How Can You Preserve Your Assets for Your Heirs?

Charles Schwab’s Insights & Ideas Podcast

Play Episode Listen Later Aug 19, 2024 35:04

Taxes are just one part of estate planning. People are also asked to consider custody arrangements, medical decisions, and legal issues. But it comes as no surprise that people who have worked their whole lives to build an estate are wary of letting taxes and fees eat away at their hard-earned assets. Further complicating the current environment is the fact that lifetime estate and gift tax exemption thresholds are poised to be cut in half at the stroke of midnight December 31, 2025, leading to a potentially sharp jump in some estates' tax liability. But there's still time to prepare. On this episode of Financial Decoder, Mark interviews Austin Jarvis, director of estate, trust, and high-net-worth tax at the Schwab Center for Financial Research. They discuss why everyone needs a will, various estate planning documents, and what to do if you have a large estate that might owe more taxes later.You can read articles from Austin Jarvis, including “Estate Planning for Low Interest Rates” and “How to Help Your Grandkids Pay for College” on Schwab.com. Follow Financial Decoder for free on Apple Podcasts or wherever you listen.Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit schwab.com/FinancialDecoder. If you enjoy the show, please leave us a rating or review on Apple Podcasts.Important DisclosuresThe information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed.Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.Investing involves risk, including loss of principal.The information and content provided herein is general in nature and is for informational purposes only. It is not intended, and should not be construed, as a specific recommendation, individualized tax, legal, or investment advice. Tax laws are subject to change, either prospectively or retroactively. Where specific advice is necessary or appropriate, individuals should contact their own professional tax and investment advisors or other professionals (CPA, Financial Planner, Investment Manager) to help answer questions about specific situations or needs prior to taking any action based upon this information.Schwab does not provide tax advice. Clients should consult a professional tax advisor for their tax advice needs.Consult with an attorney and tax advisor prior to taking any action based upon this information.The Schwab Center for Financial Research is a division of Charles Schwab & Co., Inc.(0824-LC7F)

Estate Taxes: What You Can Control

Imagine That

Play Episode Listen Later Jul 25, 2024 14:54 Transcription Available

In the latest episode of the Imagine That podcast, Greg Weimer, host and CEO, sits down with Gregory Weimer, CFP®, CPA, President and COO, and Randy Holcombe, CFP®, Director of Wealth Planning, to discuss "Estate Taxes: What You Can Control."In the next two years, you're going to hear a lot about estate taxes and estate tax exclusion. Greg, Gregory and Randy discuss the "recipe" for giving to your heirs without overpaying in taxes.Tune in to learn how Estate Tax Planning can help you maximize your life and legacy.

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7/24/24 - Estate Taxes and Impending Changes pt.4

Play Episode Listen Later Jul 24, 2024 26:43

7/24/24 - Estate Taxes and Impending Changes pt.4

7/17/24 - Estate Taxes and Impending Changes pt.3

Play Episode Listen Later Jul 17, 2024 26:57

7/17/24 - Estate Taxes and Impending Changes pt.3

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Understanding Estate Taxes: Strategies to Reduce Your Burden

Blind Spots

Play Episode Listen Later Jul 10, 2024 17:53

Welcome to another episode of Blind Spots! Today, we're diving into strategies to mitigate estate taxes, often referred to as the "death tax." We'll cover both federal and state-level estate taxes, provide examples, and discuss practical ways to reduce estate taxes to protect your assets. Learn about thresholds, gifting, charitable contributions, and more. Don't miss this informative session to help you plan effectively for the future.

7/10/24 - Estate Taxes and Impending Changes pt.2

Play Episode Listen Later Jul 10, 2024 27:36

7/10/24 - Estate Taxes and Impending Changes pt.2

7/03/24 - Estate Taxes and Impending Changes pt.1

Play Episode Listen Later Jul 3, 2024 26:48

7/03/24 - Estate Taxes and Impending Changes pt.1

Financial Sense(R) Newshour

How to Lower Your Estate Taxes with ILITs and SLATs

Play Episode Listen Later Jul 1, 2024 26:23

Jul 1, 2024 – Starting in 2026, there's a very good chance estate taxes are going to increase. Today, Jim Puplava and Crystal Colbert discuss two different strategies to lower your estate taxes using an Irrevocable Life Insurance Trust (ILIT)...

Unlocking the Secrets of Effective Estate Planning with Kyle Campbell

Elite Expert Insider

Play Episode Listen Later Apr 30, 2024 19:38

In this episode of Elite Expert Insider learn the world of estate planning, trusts, and insurance with the expertise of Kyle Campbell, a seasoned professional from Hoteling Insurance. With an extensive background in aiding families and businesses in navigating the complexities of estate planning and leveraging insurance to foster family unity and financial security, Kyle brings invaluable insights. From personal anecdotes to professional strategies, he sheds light on how to manage family dynamics through wise planning and insurance solutions, ensuring both peace and prosperity for generations. Learn More: https://hotalinginsurance.com/ Learn More: https://eliteonlinepublishing.com/

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128: Revocable or Irrevocable Trust: Which is Right for Me?

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Play Episode Listen Later Apr 8, 2024 7:16

When we first begin working with a client who is setting up their estate plan and, more specifically, building a trust, the number one question we always get is whether they need a revocable or an irrevocable trust. For us, this is always an interesting and fun conversation because as soon as the client hears the difference, they immediately know which tool they need. Not to give it all away, but the standard option is the revocable trust; however, there are certain instances in which the irrevocable trust is needed—there is no one-size-fits-all approach to estate planning. So, which trust is right for your specific circumstance? Press play and listen in for more details, and of course, when you meet with your estate planning attorney, they will help ensure you're making the right decision to protect your loved ones and your future. Time-stamped Show Notes: 0:00 Introduction 0:55 A revocable trust is what we typically do in our practice, which gives you control over everything in your trust, you are in charge. 1:10 An irrevocable trust is used to give everything away; you can't change it. 1:58 Next, Madison discusses in more detail why you would want to use an irrevocable trust and how they are set up. 4:40 If you're worried about being sued, that may be another issue. Your trust isn't generally going to protect you from something like that. Here's what you need to know.

127: Understanding Multigenerational Estate Planning Part 2

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Play Episode Listen Later Apr 1, 2024 13:19

Welcome back! In our last episode of Absolute Trust Talk, we were joined by expert psychotherapist and certified coach Tess Brigham, MFT, BCC, to discuss the differences between generations and, more specifically, examine the unique dynamics between Baby Boomer parents and Millennial children. In this episode, we continue our conversation with Tess, focusing on the interactions between Gen X parents and Gen Z children. These two generations are very interesting as Gen Xers were heavily influenced by events like the Persian Gulf War, the women's movement, and high divorce rates. As Tess points out, this generation is a very “figure it out on your own” group. Whereas Gen Zers are true digital natives and have no real concept of life before technology. We hope you will listen in as we talk about how these generations' unique experiences shaped their approach to estate planning. Plus, we share some special insights from real client stories! Time-stamped Show Notes: 0:00 Introduction 1:19 To kick off the episode, Tess gives us a little background refresher on what types of events and movements had an impact on these two generations. 7:30 One way the younger generations differ from the older ones, in terms of estate planning, is how they consider the possibility of divorce and whether they want to burden their children with responsibility. Listen in to learn more! 10:55 We're likely all familiar with the stereotype that the oldest daughter always gets the responsibility of taking care of her parents, but will this continue with the newer generations? 14:05 At the end of the day, women are biologically and evolutionarily designed to care for family, so perhaps we won't see a change in the oldest-daughter-caretaker stereotype after all. Only time will tell! 15:29 As we wrap up the show, we highlight why it's important to analyze how these heavy conversations play out among generations.

MtoM #162: Ophthalmologist Acquires $50 Million and Finance 101: Estate Taxes

White Coat Investor Podcast

Play Episode Listen Later Mar 18, 2024 29:25

This doc recently retired after a 40 year career that he loved with a nearly $50 million portfolio. He has been living and preaching the WCI methodology long before WCI existed. He tells us part of his secret to success is to choose where you live wisely and own your own business. He said owning his own surgery center made a massive difference to his happiness and his wealth because he got to control the way the practice was run, how efficient it was, who worked there etc. He is a testament of what can happen if you live below your means and invest wisely. He wants us all to remember to find joy in all stages of life and not just live for retirement. After the interview we will be talking about estate taxes for finance 101. No more wading through dozens of books at the library, scrolling through hundreds of blog posts on dozens of blogs, or checking in daily with online forums trying to gain a financial education the way the hobbyists do. For a fraction of the price of hiring a professional financial planner, the Fire Your Financial Advisor online course will take you from feeling anxious and having no plan to having a written financial plan you can follow the rest of your investing career as a professional and a retiree. This course is the material that should have been taught to you in college, medical school, or residency but never was. Fire Your Financial Advisor also has a version eligible for CME credit. Get your financial life in order today. Go to https://www.whitecoatinvestor.com/courses to sign up. You can do this and The White Coat Investor can help. The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you! Be a Guest on The Milestones to Millionaire Podcast: https://www.whitecoatinvestor.com/milestones Main Website: https://www.whitecoatinvestor.com Student Loan Advice: https://studentloanadvice.com YouTube: https://www.whitecoatinvestor.com/youtube Facebook: https://www.facebook.com/thewhitecoatinvestor Twitter: https://twitter.com/WCInvestor Instagram: https://www.instagram.com/thewhitecoatinvestor Subreddit: https://www.reddit.com/r/whitecoatinvestor Online Courses: https://whitecoatinvestor.teachable.com Newsletter: https://www.whitecoatinvestor.com/free-monthly-newsletter

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An In-Depth Look at Estate Taxes (w/ Jim Benckendorf) - Season 2, Ep. 5

Your Retirement Blueprint: A 210 Financial Podcast

Play Episode Listen Later Mar 4, 2024 31:29

Estate taxes and planning is a complex topic. How do you minimize taxes after you're gone? Is there such a thing as “too much” to pass down? What are the exceptions? We are tackling these questions and more in this conversation.Today, we are joined again by Jim Benckendorf, a partner at Benckendorf & Benckendorf Law Firm and someone who concentrates in complex estate and tax planning, trusts, and probate.In this episode, Jim shares when you likely need to worry about estate taxes, who should be focused on legacy and estate planning, strategies they use to help their clients plan for the future in their firm, and more.//Grab a Free Resource at http://retirewith210.com/ --Prefer to watch? Find video versions of every episode on our YouTube channel.Learn how our team at 210 Financial can help you plan for the future at www.210financial.com --Like more free resources? Grab one of our free guides here.//Investment advisory products and services made available through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor.Insurance products are offered through the insurance business 210 Financial. 210 Financial is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by 210 Financial are not subject to Investment Advisor requirements.All investments are subject to risk including the potential loss of principal. Any references to protection, safety or lifetime income, generally refer to fixed insurance products, never securities or investments. Any and all other services related to insurance are an outside business activity and are not offered through or supervised by AE Wealth Management, LLC. Please remember that converting an employer plan account to a Roth IRA is a taxable event. Annuities are insurance products that may be subject to restrictions, surrender charges, holding periods, or early withdrawal fees which vary by carrier. Annuities are not back or FDIC insured.This podcast is for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.210 Financial is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by 210 Financial.Jim Benckendorf is not affiliated with 210 Financial or AE Wealth Management, LLC.

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Ep 90 - Mastering 1031 Exchange • Exit Strategies

Your Best Move EVER

Play Episode Listen Later Feb 23, 2024 14:57

Curious about how an exit strategy works? Our guest shares the nuances and benefits of options to let go of responsibilities. For investors with income producing real estate. DST vs REIT explained, and Ultimate Exit Strategy: Leaving your investments with your heirs. Milissa Ormiston-Hall, A Qualified IPES Intermediary [QI] Investment Property Exchange Services, INC 503-367-6701 Milissa.Ormiston@ipx1031.com http://www.ipx1031.com/ormiston Contact Judy Casad Real Estate to work with you on selling your investment - start planning today... Skip to what you need to know: Episode Summary :46 – Investor's Introduction to 1031-Exit Strategy 3:08 – Letting responsibilities go and options presented 3:58 – Delaware Statutory Trust (DST) benefit explained 4:11 – DST vs REIT (Real Estate Investment Trust) 4:52 – Ultimate exit strategy – Step-up-in-basis 5:05 – Estate evaluation 5:39 – Capital Gain vs Estate Taxes 15:39 – Consult with QI and Financial Advisor We really appreciate and value your Support by sharing this show with people you know ~ Track your home's value and discover ways to leverage your equity. Check out your complimentary Home Digest My clients love it! Check out your complimentary Market Explorer – Watch neighborhoods you are interested in potentially investing in property. Completely free of charge with no obligation! Don't miss out on other helpful tips for homeownership. Visit the Category that resonates with your life today Home Improvement Maximize investment, Smart maintenance to-do's Buying To Invest What to look for, Property Search, Get Pre-Approved! Selling Property Home or Land, Senior adults downsizing, Value Report Homeowners Best Moves Bonus episodes about Financial Planning, Market Updates, Trailers about the show and interviews with Real Estate Brokers. FOLLOW anywhere you find your favorite Podcast - Search for Homeowners Best Real Estate Moves The show will stay in your Show Library for easy access while traveling Listen to Audio Player on your computer: click here Facebook Page Homeowners Best Real Estate Moves Listen on your computer Podcast.JudyCasad.com Send me your feedback, questions and topic suggestions. Who knows? You just might be a guest on our next show! Your Go-To Podcast! Created for Property Owners - to maximize your investment - even if you do not plan to sell. Selling your home tips. Buyers learn many aspects of home ownership and the buying process. Senior adults learn about downsizing and financial support. Guests offer sound advice, tips and experience. Your Host, Judy Casad Real Estate | ABR, SRES, Top Producer, Certified Negotiator, Affiliated with Windermere Real Estate, Lane County, Licensed to help you Buy or Sell in the State of Oregon. Call Judy to start planning your next move! 541-968-2400 judy@windermere.com - www.judycasad.com We do not receive any compensation for mentioning or endorsing product or services discussed in the episode. My Brokerage compensation comes to me upon the closing of a sale. By using the Promo Code OWNHOME to start your own show, I do receive a small kick-back and you receive up to 2 months free service with Libsyn. I value your support and your feedback to keep this show continuing to bring You, a wealth of information! If you are have been thinking about creating your own Podcast show, you can support us by using our unique promo code OWNHOME to get up to 2 months of free podcasting service with Libsyn! Get your show on Apple Podcasts and Spotify -anywhere you want- get critical stats to help you grow, find all the tools and support you need to sound your very best - you can even do video! Really bring your podcast to life with Libsyn. Use our unique Libsyn promo code OWNHOME and get podcasting today! Click HERE to start!

123: Why Can't I Change My Trust After My Spouse Passes Away?

AICPA Forensic and Valuation Services (FVS)

Play Episode Listen Later Feb 21, 2024 24:27

At Absolute Trust Counsel, one of the pieces of advice we like to shout from the roof tops is that people need to keep their estate plans up to date! We constantly find people who fail to do so. In many cases, we can fix the challenges that arise, but sometimes, it may not be possible, and we must navigate a more difficult path. In this specific episode, we are going to focus on AB Trusts and the issues that typically arise. It happens more than you might think - often, when a spouse dies, the widow(er) later finds out their joint trust is set up in a way that requires them to split the trust in two. This type of trust, which we call an AB Trust, was the standard practice until 2013, and it was used to avoid the need to pay estate taxes, which worked out perfectly. However, when the government gave us portability, things changed. When we uncover AB Trusts, it tends to mean that the client will spend A LOT of extra time and money managing the split and maintaining the additional trust moving forward. So, if you're a married couple out there who had your estate plan written before 2013, we're talking to you! It's time to get your estate plan out, take it to an attorney, and make sure it still works for you! And, if you're a widow or widower who hasn't met with an attorney yet, we highly recommend you do so now to ensure you're not behind on taking specific actions. “It's always better to pay your lawyer to do a plan than to pay them to fix a failure to plan afterward. Fixing is always more expensive.” In this episode of Absolute Trust Talk, Kirsten and Madison share everything you need to know about AB Trusts, including: The deeper complexities of AB Trusts, such as how they work and why we have them in the first place, Your options if you find out you have an AB Trust after your spouse passes, What filing a petition for modification of your trust looks like, Why petitioning the court doesn't always work, depending on your heirs, The importance of talking to your attorney and keeping your trust up to date And much more! Whether you're just beginning to dip your toe into estate planning, are considering updating your trust, or have recently found out you're stuck with an AB Trust, this podcast is for you. No matter where you are in your journey, knowledge gives you the power to take control of your assets and helps protect your family in the future. So don't miss out! Tune in for the ultimate estate planning advice NOW!

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Valuations for Gift and Estate Taxes: Review and Best Practices

Play Episode Listen Later Feb 21, 2024 24:41

David, Natalya, and Brian discuss the current trends and challenges in business valuation and gift and estate tax including the importance of staying up to date on the current and potential changes in the gift and estate tax landscape. The AICPA offers resources and guidance to practitioners that work in the business valuation of estate and gift taxation such as the toolkit landing page, practice aids, and the case law listing – see links in the RESOURCE section below Guests: Brian Burns CPA/ABV/CFF, Partner and lead, FORVIS LLP Forensics and Valuation practice Natalya Abdrasilova, CPA/ABV, MAFF, CVA, Director of Valuation & Litigation Services, BDM, PC Host: David Consigli, CPA/ABV, CDFA, Partner and Lead, FAZ CPAs Business Valuation Practice Please share your thoughts about the episode - click here to leave us a review Want to get involved with future FVS conferences, committees, task forces, or the standing ovation program? Send a message to infoFVS@aicpa-cima.com This podcast episode is part of the extensive resource library available from the AICPA's Forensic and Valuation Services Section, the premier provider of guidance, tools, and advocacy for professionals who specialize in providing forensics, valuation, litigation, and fraud services. Visit us online, and if you're not already a member, consider joining this active community of your FVS peers. You will get 16 credits of complimentary CPE and access to rich technical content, including BRGonline, Daubert Tracker, and Merger Shark. RESOURCES FOR FURTHER EXPLORATION If you're using a podcast app that does not hyperlink to the resources, please visit https://fvssection.libsyn.com/fvs to access the show notes with direct links. From the FVS Section Library: FVS estate and gift toolkit Business Valuations for Estate and Gift Tax Purposes Practice Aid Estate and gift case law Webcast: Key Trends in Estate & Gift Planning AICPA 2023 Forensic and Valuation Conference - session available for purchase Valuations for Gift and Estate Taxes: Review and Best Practices Update on Recent Valuation Cases LEARN MORE ABOUT Accredited in Business Valuation(ABV) – Visit the home page and/or check out the ABV Infographic Certified in Fraud and Forensics (CFF) - Visit the home page and/or check out the CFF Infographic This is a podcast from AICPA & CIMA, together as the Association of International Certified Professional Accountants. To enjoy more conversations from our global community of accounting and finance professionals, explore our network of free shows here. Your feedback and comments are welcomed at podcast@aicpa-cima.com

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Top 10 Tax Tips For 2024

Retire With Integrity Podcast with Brian Bowen

Play Episode Listen Later Jan 26, 2024 27:15

In this episode, Brian Bowen and Brett Sharp discuss the top 10 tax strategies that all wealthy people must know. They cover a range of topics including cost segregation, captive insurance, defined benefit plans, tax loss harvesting, 1031 exchanges, opportunity zones, estate taxes, 706 portability, intermediate installment sales, and qualified small business stock. These strategies can help individuals and business owners reduce their tax liabilities and maximize their wealth. As we heaed into tax season these are things you need to know. 00:55Tax Tip #1: Cost Segregation 03:01Tax Tip #2: Captive Insurance 05:46Tax Tip #3: Defined Benefit Plan 06:44Tax Tip #4: Tax Loss Harvesting 08:04Tax Tip #5: 1031 Exchange 10:28Tax Tip #6: Opportunity Zones 15:08Tax Tip #7: Estate Taxes 19:49Tax Tip #8: 706 Portability 22:08Tax Tip #9: Intermediate Installment Sale 24:30Tax Tip #10: Qualified Small Business Stock

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Reduce Estate Taxes With Retirement Income Advice From This Brentwood, TN Firm

UBC News World

Play Episode Listen Later Jan 16, 2024 2:29

Newly introduced 2024 tax laws might impact your estate plans. Goldstone Financial Group in Brentwood, TN, (630-620-9300) is here to help. Schedule your free consultation today, at https://www.goldstonefinancialgroup.com Goldstone Financial Group City: Oakbrook Terrace Address: 18W140 Butterfield Road Website https://goldstonefinancialgroup.com/ Phone +1-630-620-9300 Email contactus@goldstonefinancialgroup.com

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120: Solutions to Common Real Estate Issues

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Play Episode Listen Later Dec 21, 2023 43:36

Have you ever had a pesky neighbor encroaching on your land? Or perhaps they have decided to put a cell tower in that directly blocks the beautiful view that you bought your property for in the first place? Or maybe you've recently inherited the family home but share it with your siblings and cannot agree on what to do with it. How do you resolve these types of challenges? Do you have a friendly conversation? Do you engage a lawyer and go to court? In this podcast episode, we sit down with Steven Kahn, a civil litigation attorney who focuses on real estate and business disputes involving real estate. He is a partner at Hoge Fenton, has been a Northern California Super Lawyer four years in a row, and has been a Northern California Super Lawyer Rising Star for five years. With his accolades and over nineteen years of experience in trials, arbitrations, and problem-solving, Steven is the perfect candidate to share his insights on various real estate issues. “When you bought your house, you probably got a title insurance policy, and it probably has something attached to it called an assessor's parcel map that looks like a map of your neighborhood, but it doesn't actually show where your boundaries are. It was created by the taxing authority to have a general idea of how big the land is.” So, join us in our 120th episode of Absolute Trust Talk as we discuss: How to divide up real estate that has been inherited by more than one beneficiary The ins and outs regarding boundary disputes What court proceedings for real estate issues may look like – depending on the case Discussions on the recent Mount Diablo dispute What you can do if a neighbor blocks your view from your property The difference between adverse possession and prescriptive easements And much more! There's nothing quite like a real estate or land dispute to ruin neighbor or familial relationships. A little effort and communication can go a long way to finding the right solution, but we know some situations can escalate quickly, and a lawyer like Steven is needed to help keep the peace and navigate the law. If you or someone you know is facing a real estate or property legal challenge, we hope this episode will help you take the necessary next steps to resolve your issue correctly.

Healthcare Professionals 6 of 6: Your Legacy Doesnt Go With You

ThimbleberryU

Play Episode Listen Later Dec 18, 2023 15:57

In this final episode of ThimbleberryU's six-part series, Jag and Amy delve into the critical topic of legacy and estate planning for healthcare professionals. Amy points out the potential disputes and uncertainties that can arise without proper planning, as seen in the cases of Prince and Aretha Franklin. Legacy planning ensures that assets are distributed according to one's wishes and helps in leaving a lasting impact, whether it's for loved ones, charitable causes, or the healthcare practice itself.Prince's estate faced a lengthy legal battle due to the absence of a will, despite having a Revocable Trust. Similarly, Aretha Franklin's lack of a will or trust led to potential disagreements among her heirs and increased estate taxes. These examples highlight the consequences of not having proper estate planning documentation.The first step in legacy planning is setting clear expectations with loved ones and ensuring that one's will or trust is legally sound and reflective of their desires. This helps avoid misunderstandings and conflicts. Amy compares trusts with wills, explaining the benefits of trusts, such as privacy, probate avoidance, control over asset distribution, and safeguarding one's practice. Trusts, unlike wills, remain private and allow for direct distribution of assets to beneficiaries without court intervention. Trusts also provide more flexibility in how assets are distributed and can be particularly useful in protecting a healthcare practice.An unfunded trust, like Prince had, lacks assets, which are necessary for the trust's instructions to apply. Other common mistakes in legacy planning, such as failing to update estate plans regularly and not considering tax implications, as seen in the cases of Philip Seymour Hoffman and James Gandolfini.We aren't all gloom and doom today, however. Amy shares success stories of healthcare professionals who effectively planned their estates, ensuring smooth transitions of their practices and creating lasting impacts through charitable foundations or scholarships. The power of legacy planning and the importance of organizing financial affairs benefits loved ones and the profession.To get in touch with Amy and her team at Thimbleberry Financial, listeners can reach out by calling 503-610-6510 or visiting thimbleberryfinancial.com.

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Ask Todd: Reducing estate taxes

Play Episode Listen Later Dec 6, 2023 15:38

Todd Lutsky shares his insight into reducing your estate taxes and increasing asset protection. Todd also takes questions from listeners about their personal estate building situations.

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119: Understanding the Basics of Probate Accounting

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Play Episode Listen Later Dec 4, 2023 40:34

If you're someone who is serving in the role of trustee, executor, conservator, or guardian, acting as a personal representative for someone's estate in California, did you know that the state has specific guidelines for probate accounting? According to section 16062, the California probate code requires representatives to provide an accounting at least once a year. The purpose is usually two-fold: to show beneficiaries what assets exist, how they've been handled, how much is left to be divided up, and to show the individual in control of the money is doing their job. “Unlike giving a few specific documents to your CPA to prepare for a tax return, we need everything - every transaction that happens within a trust estate or conservatorship. It's a lot of information.” The problem is that most people whose names are tasked with the role of trustee or conservator have no idea how to prepare this type of formal accounting. Even for those confident in their accounting skills, the process is technical, tedious, and can be wrought with many opportunities for mistakes. The good news is you don't have to do it alone. There are professionals who do complete probate code-compliant accounting for a living. One of these professionals, Heather Hamilton, founder of Fiduciary Accounting Services, LLC (FAS), is joining us on this episode of Absolute Trust Talk. Heather holds a bachelor's degree in finance from California State University, Chico, and worked in commercial banking for 15 years before founding FAS in 2007. The goal of this company was to focus purely on fiduciary accounting, making this expert service more available and taking the load off the shoulders of others. Since then, FAS has grown to be the largest provider of accounting for trusts, estates, and conservatorships in California, focusing entirely on fiduciary accounting. Join us as we discuss: The particular challenges that come with fiduciary accounting, both for the accountants and the clients Why you may need a fiduciary accounting in the first place What is required for this type of accounting Tips and advice on how to ensure a smooth accounting process And much more! Whether you need formal probate-compliant accounting now or you're preparing for the future, this episode will help you understand what to expect and how to prepare and even show you what to avoid. So, find a cozy spot, and let's get started!

Massachusetts and Other States' Estate Taxes

SML Planning Minute

Play Episode Listen Later Nov 14, 2023 6:08

Episode 255 - Massachusetts is one of twelve states with a state estate tax. Even though it just raised its state estate tax exemption amount from $1 million to $2 million, you don't have to be ultra-wealthy to be subject to estate taxes, so plan now.

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Ask Todd: Understanding local and national estate taxes

local national dolan cushing estate taxes

Play Episode Listen Later Oct 25, 2023 15:29

Todd Lutsky, Cushing and Dolan, stops by to discuss recent changes to local estate taxes, why online wills are not a solid plan, why you should name your estate as an IRA beneficiary, and tax impacts of changing your primary residence.

116: What are the Life Stages of a Special Needs Person?

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Play Episode Listen Later Oct 1, 2023 39:00

You may have heard the sentiment that parenting is one of the most challenging yet most rewarding jobs there is. That is even more true when raising a child with special needs because they often come with unique challenges. It's easy to quickly become overwhelmed mentally, emotionally, and even financially and physically at times. Your sense of normalcy may seem different from others around you, leading you to feel isolated and alone, unsure of what to do or where to turn. To help provide some answers, we sat down with Kerrie Lloyd, Vice President at Index Fund Advisors, author of Planning the Future for A Special Needs Child, and founder of Integrative Solution Services LLC, where she provides consulting and collaborative tools to the special needs community. Kerrie is also a Doctor of Natural Health, NhD, and earned her certification in Pivotal Response Therapy for Autism through the Koegel Autism Center at UC Santa Barbara (now at Stanford University). She also earned her Chartered Special Needs Consultant (ChSNC®)* designation in 2020 through The American College for Financial Services, a fully accredited institution by the Middle States Commission of Higher Education. Despite all the accolades, Kerrie's most important job is as Adam's mom. Adam was diagnosed with Autism and Deafness early on, and through her experiences with him, she has learned what it takes to raise and care for a special needs child. Kerrie noticed that special needs children go through a series of life stages, each marked by major events, such as diagnosis, the beginning of school, and the transition to adulthood. Having this knowledge makes it easier to prepare for each stage, eliminating the fear of the unknown for parents. Now that Kerrie is in the later stages with Adam, she has compiled her experiences and resources to share this insight and knowledge with others. In this episode of Absolute Trust Talk, we will discuss: The six stages of life for an individual with special needs. The key planning components and milestones that mark each of the stages. What the transitions from each phase look like. Important resources that are available and how to access them. The importance of obtaining legal help to ensure that parents understand their rights, know what they can ask for, and ensure that they aren't missing any steps. And much more. It can be difficult to navigate life's complexities with a special needs child, but you don't have to go through it alone. Understanding these life stages can help you better understand your child, feel more prepared for each milestone, and even unlock enriching and fulfilling moments.

Navigating Blended Families and Estate Taxes: A Case Study Discussion (Ep. 109)

The Truth About Wealth

Play Episode Listen Later Sep 6, 2023 31:01

Are you struggling with complex estate planning situations? In this episode, John and Michael Parise uncover two case studies, one that worked and one that didn't. Throughout the two case studies, Michael explains his role in the estate planning process and the challenges of working with a business owner with significant estate tax exposure. Adding … Continue reading Navigating Blended Families and Estate Taxes: A Case Study Discussion (Ep. 109) →

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How does a Charitable Trust work?

Wiser Roundtable Podcast

Play Episode Listen Later Aug 21, 2023 31:57 Transcription Available

Estate planning can feel like navigating a labyrinth of complex legalities and tax codes. On this episode of A Wiser Retirement™ Podcast, Casey Smith is joined by guest Shawn Shelton, partner at Moore Ingram Johnson & Steel to explain Charitable Remainder Trusts (CRTs), as a strategic tool for those with estates valued over the $25 million federal estate tax exclusion.Podcast Episodes Referenced:- Ep 120: Finding the Right Estate Planning Attorney for You- Ep 116: Are you striving to leave a purposeful legacy?Youtube Videos Referenced:- What is the role of a trustee?- Prevent Family Conflict with Legacy PlanningOther Links:- Learn more about Shawn Shelton: https://www.mijs.com/Download Our eBook: "Buyer Beware: Why do they keep trying to sell you that annuity?"Click here to schedule a consultation with one of our financial advisors.Connect With Us:Our WebsiteYouTubeFacebookLinkedInInstagramTwitterPodcastBlog This podcast was produced by Wiser Wealth Management. Thanks for listening!

Protect Your Assets from Lawsuits, Creditors, Bankruptcy, and Estate Taxes

Family Office Podcast: Private Investor Interviews, Ultra-Wealthy Investment Strategies| Commercial Real Estate Investing, P

Play Episode Listen Later Aug 15, 2023 6:04

The primary purpose of an asset protection trust is to safeguard assets for the benefit of the trust's beneficiaries while minimizing the potential for those assets to be seized or claimed by creditors. If structured correctly and in compliance with relevant laws, assets held in an APT may be more difficult for creditors to access in the event of a lawsuit, bankruptcy, or other financial challenges faced by the grantor.9:59 - ASP Protection Trusts: Limited Efficacy and Government Implications10:10 - 10-Year Statute: Bankruptcy Law and Trust Vulnerability10:22 - Jurisdiction Ranking: Longest Statute of Limitations for ASP Protection Trusts10:35 - International Trusts: Confidentiality and Legal Constraints15:28 - Tax Court Cases: Frequency and Legal Consequences15:39 - Economic Collapse's Impact: Surge in Tax Court Cases15:57 - Strategy Timing: Leveraging Impactful ApproachesDisclaimer: This video is meant to provide a general overview of certain tax concepts, but it is not a substitute for personalized professional advice. You should seek advice from a qualified tax professional regarding your specific circumstances and jurisdiction before making any tax-related decisions.#estatetaxes #assetprotection #assets #taxes

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113: How to Avoid a Chaotic “Casey Kasem” Estate Plan?