This Estate Attorney’s TOP 5 Strategies To Avoid Tax
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- Опубликовано: 3 окт 2024
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In this post I explain five strategies that can enable families to avoid tax. They include:
(1) Step-Up in Basis
(2) Double Step-Up in Basis
(3) Pay Income Tax On IRAs At Lower Rates
(4) Make The Portability Election
(5) Annual Gifting
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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.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
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Thank you.
The following is just a note for my reference.
1-take adv of “stepped up basis”
2-take adv of “double stepped up basis”
3-take more than the min. required distribution from traditional IRAs since when retired, in a lower tax bracket. Invst in other areas where survivors can take adv of stepped up basis.
4-utilize “portability election” on timely filed tax return when first spouse dies.
5-think about gifting ($15,000) to reduce size of estate over time to keep “under” the exemption amount.
1) Instead of withdrawing more than the RMD from a traditional IRA as cash, you should convert that amount to a Roth IRA after taking the RMD.
2) A non-spouse is not required to withdraw an inherited IRA within 10 years if the deceased and beneficiary are less than 10 years apart in age, for example a brother or sister.
Love your RUclips videos, I have subscribed. Good audio and video quality. I am 73. Best definition of a “fourth quarter” person I have ever heard is when they don’t say “OMG, from what?” when they learn you have died.
Which video discuss portability? Thank you Paul
I did take more then the "required minimum distribution" for two years in order to reduce my Traditional IRA. The problem that this caused was the additional income put me into a higher tax bracket which caused my Medicare premium to be increased. Before taking additional IRA distributions you should check the yearly amount of income that if you exceed that amount your Medicare premium is increased.
Very good point Edith. Paul Rabalais missed this important point.
Wow I never knew that.
You can also fund a 529 plan in addition to the $15000 gifting.
Paul: I find that many folks in the age range of RMDs should be made aware of the Qualified Charitable Distribution. If they are giving to a favored charity the QCD can allow them to give the charity they were already giving and do so virtually tax free. Here in Michigan that QCD also allows them to get that charitable deduction for Michigan where ordinarily you get no charitable deduction for Michigan income tax.
Your the best. Thank you.
I need an estate attorney and CPA , I was told from an Ameritrade financial planner, my estate worth $8 million
“Gets in their craw”. I understand what this means because my husband is from Baton Rouge.
🌷 Thank you very much for sharing!
I like u xplain very good
Shared with my CPA! (We are all getting older)..;)
good work Paul even though I live in Canada and studie law and estates/wills as a hobby; It gives me more to think about as we are updating our will with a Henson Trust(type of testamentary trust)
Please tell me if you do Florida? I would love to have you do ours.
No can do. But glad you’re watching and learning. 😎
Does step up value apply to primary home
Hi Paul,
Thank you for your time and information. Question, would the “annual gift exemption” of $15,000 per person be only for cash/stocks/bonds? Or can a giftor give a %of real estate? (Individual properties and/or portfolios?)
I hope this makes sense.
If I purchase a property into a trust can it lower my property tax?
No, not generally speaking. If your state has a unique rule, then perhaps that is possible, but that would be unusual.
I don’t understand any of this. Way over my head.
What if you’re above the 12m exclusion? Would putting some assets in an irrevocable trust reduce the estate worthy and therefore reduce that number below the exclusion limit ?
Can't one gift up to $11.58 million without having to pay a gift tax? If gifting over $15,000 the giftor only needs to file form 709. If the gift tax exclusion amount is reduced, the amount already gifted is grand fathered in.