New 2024 Gift and Estate Tax Limits
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- Опубліковано 1 чер 2024
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0:00 New Gift and Estate Tax Exclusion Amounts
0:20 2024 Estate Tax Exclusion Amount
1:24 Federal Gift Tax
1:44 Income Tax for Estates and Trusts
2:25 Planning with a Large Estate
4:54 Common Confusion Around the $18,000 Gift Tax Limit
6:58 The Gift and Estate Tax is Unified
7:39 Income Tax for Estates and Trusts
9:05 Non-Tax Estate Planning Issues
9:16 Do You Want to Avoid Probate?
10:08 Making Your Children's Inheritance Divorce-Proof
11:09 Your Estate Distribution Schedule
12:16 Key Numbers: $18,000 and $13.61M
12:40 Zoom with Me
I really enjoyed this one. I don't have anywhere near the 13.xx million that I have to worry about but I know some are in the millions. I am just a mediocre disabled veteran that is trying to find a lawyer in Tx to write up a special needs trust for my son who has aspergers, (high functioning autism) that does not like to talk to people or leave the house. He lives w/ a roommate in TN and I am in TX. He said he doesn't even see him very often. LOL.
So glad I found this specific video on gifting. Trying to learn what we can for administration on Grandma's living trust (she is 91 years young!) Thank you for these invaluable videos Counselor!
My brother and his malignant narc wife have taken over the probate process on my mother's will. She goes with him to meet with the lawyer who must believe everything they tell him to do his job. Unfortunately, they lie. A lot. About many things. His wife is having more input into this than my other brother and I. How can I best protect my interest and that of my other brother?
Please answer or direct me to where I might get an answer.
Thank you,
Thanks Paul! This is excellent information, and you presented it very clearly and understandably.
Glad it was helpful!
Question. If you are 50 with $4 million invested having 50% in etfs based on broad indexes (Dow, Spy, Nasdaq) and 50% money market. Is this $ enough to retire? I rent a 2 bedroom apartment, no debt, no kids. I also ask because I have slight back pain sitting at PC 8 hours a day. I wonder how long I can endure it. I anticipate 6% returns but the past 30 years seem like a rosey picture. Thanks.
Excellent and simple explanation that I ever heard and understand. Thanks.
Glad it was helpful!
Always great videos
Glad you like them!
Hi, which method can prevent Medicaid from disqualifying a home owner if they receive/own or transfer a house?
A life estate won’t work due to Medicaid applying a disqualifying period.
An irrevocable trust might not get step up basis unless there’s a specific clause?
Does Medicaid consider a Medicaid recipient as trustee to own any portion of property?
So interesting. Thank you.
Very helpful info... appreciate a lot
Glad it was helpful!
Thank you for the update Paul. As usual, very good info. Larry, Central Valley, Ca.
Very welcome
Does the $15k threshold for the trust income apply to irrevocable trusts such as bypass and Qtip or marital deduction trusts? Can it be avoided if the trust distributes its income to the beneficiaries?
Any changes for the Estate Tax for non resident alien??
Thank u
I am looking at inheriting a quarter of my dads estate making between 500 to 750 thousand dollars will i have to pay tax on this and how much in taxes will i have to pay?
Paul do you have a YOU in Pa thats as thorough as you are sir? Thank you
Jeff D
Excellent information! Have you ever discussed the Lady Bird Deed? I live in Florida which is one of the states that recognizes that type deed.
Not yet!
@@americasestateplanninglawy1946 I am subscribed to your channel and would love to see a discussion on that topic!
Good overview of the 2024 updates. Look forward to reviewing your video on irrevocable trusts.
One small item at 12:18 you state the gift amount as $8000, instead of $18,000.
I have appreciated many of your videos, including this one. Keep up the great work!
will the "Estate Tax Exclusion Amount" be applied to NRA in the same way with US citizens as well?
What is the cut off month for gifting in 2023? Can you gift 17k in Dec 2023 then in 18K in Jan 2024?
So you can transfer in a year with a high estate tax exclusion, and the exclusion amount doesn't apply in the year you die?
I always thought the exclusion applied in the year you died.
The utilization of after-tax money and tax-free growth makes opening a Roth IRA very advantageous. Through a careful guidance of my FA, I did not pay taxes on my withdrawals of $2.86 million when I retired.
I don't regret the numerous financial mistakes I've made in the past since I've learnt from them. But the biggest one was planning my finances without consulting with a licensed financial counsel.
Indeed, I did make use of a financial counselor. As I get closer to retirement, their advice has been really helpful. I thought compound interest on index funds wouldn't be sufficient because I started late. It's amusing how I've done better than colleagues who have more years of investment experience. I've profited more than $886k tax free.
@@maryHenokNft Please who is the consultant that assists you with your investment and if you don't mind, how do I get in touch with them?
*Camille Alicia Garcia* is her name. She is regarded as a genius in her area and works for Empower Financial Services. By looking her up online, you can quickly verify her level of experience. She is well knowledgeable about financial markets.
Thanks for the advice. The search for your coach was simple. I investigated her well before using her services. Considering her résumé, she appears competent.
It would be helpful to see a video on specific examples of gifting to an adult child or minor grandchild. My attorney has said my wife and I could send a check in the amount of $34,000 to a grantor irrevocable trust (he is trustee and beneficiary). I have seen comments from others saying we had to send two $17,000 checks one from my wife and one from me). If we gifted $34,000 in stock from a joint account to the trust would we have to handle it any special way to let the IRS know the gift is really from both of us. Same questions about giving to the trust in minor grandchild’s name. How does the IRS view the ways normal people may actually gift. I’m sure there are many situations that would be of interest. Have you ever had to answer questions like this in an audit?
So if I give my daughter 17k gift she doesn’t have to claim it as income? Or pay taxes on it?
That’s correct.
You can give any amount to anyone and the recipient pays no taxes
Hello, I'd like to ask for a consultation about my late husband who is an American citizen that died in the Philippines 20years ago, could I claim some benefits?
I could use some direction here. What do you do if the executor of a parent's estate (coming up on the year anniversary of my dad's death) has not distributed our (4 children) inheritance? The oldest is the executor for me and my other 2 brothers. The only thing I have received is a bond right after dad died. He comments that we need to get together but never calls the meeting.
I suppose for this there are lawyers.
At 12:19 you summarized that the gift exemption level is increasing to $8,000 instead of what you correctly said earlier in you video would be $18,000
Thanks!
Hey, have you guys been keeping an eye on the stock market lately? It's been pretty volatile,I lost almost $60,000 in my stock portfolio. but you know what they say - no fear, right?
Absolutely! It's all part of the game. I've learned not to let short-term fluctuations get to me. In the grand scheme of things, the market tends to bounce back.
True, but it's hard to ignore all the noise and speculation. There's always some news or another causing ups and downs. How do you guys manage to keep that "no fear" attitude?
That's a good point. I was thinking about reaching out to a financial advisor to get their take on the current market situation. With all the optimism, it might be a good time to reassess my investment strategy.
I totally agree. A financial advisor can provide valuable insights and help ensure that our investment portfolios are aligned with our long-term financial goals. They have the expertise to navigate through market fluctuations and make informed decisions.
What did you invest in? Who is the advisor that guides you? more info on this if you don't mind
If I give my child $$$ each year, is there anyway to stipulate the money is to be used to build a mother’s apartment onto their house. This build would belong to them.
The real question is: what would happen if I gift my daughter, let’s say $20K, and do not report the difference to IRS. My best guess: nothing is going to happen.
Almost zero chance of that itself being an issue. However, if anything else caught the eye of the IRS, then they could add it to that 2k discrepenacy to potentially make enough of a case to build against you to make it worth their while to fine you.
@@soullessdevice Thank you for your response.
The recipient never pays the gift tax, the giver owes the gift tax, if any!
Better double check with your particular state about state taxes due. I believe you are correct……. For now
If we gift a 32 ft 5th wheel trailer to someone who helped build our replacement home do they have to pay taxes on said gift in Oregon?
Bill of sale $1 to new owner. New owner will pay registration fee of value to DMV. You could cover that amt with cash
@@mschmidt9150why the bill of sale??