In this video I address the common tax issues that relate to planning your estate and passing it along to your desired loved ones with minimal tax consequences.
This video is part of a playlist I have created that will, when I’m done, contain about eight videos that address “people’s biggest estate planning objectives - and how to address them.” The playlist was created out of a need to get people away from thinking that estate planning is merely, “Getting a will” or “Creating a trust” but rather you should be thinking “I have certain concerns about my estate and my heirs. Here are what those concerns are, and let’s find a solution so that I don’t have to worry about that any more.”
I made a video that describes seven estate planning concerns people commonly have. In this video, I address one of those concerns, taxes, which is commonly expressed to me as, “What are the tax rules surrounding estate planning that may relate to me during the EP process, and when I pass away, and how will my loved ones be affected by the tax laws when they inherit?
Let’s see if we can put you on solid footing when it comes to the most common aspects of taxes as they relate to the estate planning and the estate settlement process. So I’m going to break it down into three areas: (1) Tax aspects while you are alive that relate to estate planning; (2) Tax aspects when you die that relate to EP; and (3) Tax aspects to your heirs after you pass away.
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
0:00 Estate Planning and Taxes
1:42 Revocable Living Trust and Employer ID Number
3:00 Tax Aspects of Making Gifts
4:30 $12.06 Million Estate Tax Exemption
4:44 Final Income Tax Return
5:08 Estate Files Income Tax Return
6:20 Capital Gains Tax Step Up in Basis
7:16 Inheritance is not Taxable Income
7:28 Inheritance Can Be Nontaxable Event
9:00 Beneficiary of Traditional IRA
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By: America's Estate Planning Lawyers
Title: Tax Issues Related To Estate Planning
Sourced From: www.youtube.com/watch?v=ty6NZOp8BGE
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