Are Taxes the Biggest Estate Settlement Expense?

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In this video I’m going to describe the various expenses that are associated with settling an estate. So one of the reasons people engage an estate planning attorney like myself is because they’ve worked their entire life, paid taxes, set aside some assets, and now the last thing they want is when they die, they don’t want a chunk of their estate to go to the government, IRS, to lawyers, or their state department of revenue.
So while each estate is different, there are some common estate settlement expense themes that we address in this video.
0:00 Estate Settlement Expenses
0:38 Estate Tax Expenses
1:51 Income Tax Consequences to Inheriting
2:58 Capital Gains Tax For Heirs
4:20 Probate Expenses
6:26 Creating a Living Trust to Avoid Probate Expenses
7:20 Bottom Line Summary
8:15 Your Zoom Estate Design Meeting With Me

[@ld5714]

Thank you for the clarity Paul, very helpful. Keep up the good work you do with these informative videos.

[@americasestateplanninglawy1946]

Glad it was helpful!

[@ritafaulkner7042]

Learn something new with every video! Thanks so much!

[@americasestateplanninglawy1946]

You are so welcome!

[@alphamale2363]

You are very good at explaining things. Thanks.

[@americasestateplanninglawy1946]

So nice of you

[@number1angel66]

Thank you for the helpful information you provide.

[@americasestateplanninglawy1946]

So nice of you

[@SusieAspen]

Paul, if an individual happens to win the 1.2 billion dollar Powerball jackpot and opts for the cash payout, approximately 73% of that sum is deducted upfront, leaving them with $333,815,545. However, in addition to these substantial taxes, are you suggesting that if the winner were to pass away shortly after, another 40% would be taken from their estate?

[@user-ym9mj7jm6v]

Please do some example for poor people too thanks for example 100000$

[@devinburkett9036]

what do you do if 1 person *Paid* for everything from the funeral to Taxes, but the executor *failed* to pay the *taxes* on the *estates* *home* and we *lose* the *home* and now they want to come after the only few things other memebrs of the estate wanted because they *squandered* the *biggest* *asset???*

[@litrealred6840]

Hi! Thanks! Enjoy your day! 🤗🥰

[@americasestateplanninglawy1946]

You too!!

[@litrealred6840]

@@americasestateplanninglawy1946 Hi! You have been a blessing for this family! Thank you very much!

[@DianeDesignGifts.]

Thanks Paul for explaining clearly I'm paying high taxes in one of your examples..."Help!"

[@americasestateplanninglawy1946]

To request a no-cost zoom estate planning design meeting: aeplaw.cliogrow.com/intake/7176090c4db516b907aa7ed491d9a8de

[@yc5703]

Thanks for the info Paul. Do you and your team take on estate planning cases from other states as well?

[@alexanderkrichevsky9194]

Why are the probate expenses estimated as a percentage of the estate, rather than a fixed cost?

[@kayleendunlap3793]

Our lawyer is a 5% owner in our company...is it legal for him to also be our estate planner, or is that a conflict of interest?

[@anncranwell3046]

What do you think o intentionally defective trust to minimize taxes at death?

[@Its_Just_Shane]

If I’ve been paying attention to your numerous videos I believe a funded living trust avoids most of the probate process, not so?

[@islandhopper100]

how dense can you be about acoustics?

[@MaryellenS.13]

Hello, do you take on clients to insure a safe outcome for my Children and Grandchildren?

[@americasestateplanninglawy1946]

To request a no-cost zoom estate planning design meeting: aeplaw.cliogrow.com/intake/7176090c4db516b907aa7ed491d9a8de

[@ThePzrLdr]

Why does everyone dance around the Capital Gains tax question? Everyone mentions it but they don't give details on what is and is not exempt from it.

[@robertwright8844]

Which part is confusing? When someone dies with an appreciated asset, like stock or real estate, the tax basis for the heir is stepped up to the asset's value at the time of death. If someone bought stock for $10K and died when it was worth $20K, the heir would not owe significant capital gains tax if they sold the stock right away.

[@judymcmanus8190]

Notice he never tells us how much a non professional gets paid