How To Avoid Tax While Leaving Your Estate Intact To Your Family

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In this video we take a look at the tax consequences of leaving an estate to a spouse, to children, or to others.
The estate and gift tax is not the only tax affects an estate and its heirs. The settlement of most estates have both income tax and capital gains tax consequences. The video explains strategies you can use to minimize or avoid a tax effect to your heirs.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: go.oncehub.com...
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: [phone]

[@karenburris5176]

This definitely needs to be taught in school 🏫! Love your knowledge. Thank you so much for your knowledge.

[@alexisuitz8548]

Why is this not taught in high school!? I believe you brought a new section into our learning system. There should be a tax class. This is so important!

[@r5yamaha]

Teach it in High School.?..do you remember the geometry? Most high school students would not see the relevance. Better to teach how to become rich.

[@HughButler-lb6zs]

Trust laws can be different from state to state, and rules can be changed over time. Waste of resourses.

[@jeanellis9575]

We just moved to Maine from NH. I wondered about the inheritance tax here. We moved to be near two of our kids. Thank you for how you explain things. I notice some neighbors here use FL. as their legal residence by staying there 6 months and one day. We don’t stay that long.....

[@producerlinda7109]

I subscribed and always hit the like button so you never stop posting videos. Great info

[@marymarmande8446]

❤ same ✌

[@keikurooka5105]

Great to hear about Avoid Tax. Im talking about Japan Estate Tax. About my father-in-law He s in his in his 90 s , my hubby was asked what he prefer s Cash or the house and the land. He chose cash, if im to be asked i would love the house and the land.. the house which was built 5 years ago. The old house completely demolished and the new one is hightech built. Hubby forego the house and younger sis will get the house where her family house was also built. Father.in law took my hubby s japan postal bank card and started putting money on for 5 years now as a Gift, where hubby will get his postal bankbook with money on it.when father-in-law dies, , telling us as a gift not as and inheritance to avoid the Tax. Sister in law also wanted the cash but to no avail. As an eldest child the japanese parents have to inform the eldest and be respected. Sis in law will be burdened by Japan s property tax that many children here will never entertained the thought of inheriting it, most of them will just let the local govt confiscate the properties than be burden of paying millions of taxes., esp the lands here in japan so expensive

[@MikeSmith-nu9wt]

Keikurooka5105 It's interisting learning other countries ways ..Japan compared to USA stuff especially taxes and such ..tell us more of the differences its good for both sides to stay informed and aware ..

[@monna384]

Thank you for valuable information.

[@obrientracy1]

another great video! Great info!

[@maryannhartzell2958]

Thank you for all your information it is so helpful 💫

[@SandraEStraume-ow5si]

I don't know what all is mine because they have swindled a lot away

[@YVONNERUSSELLSRES]

According to the joint committee on taxation only 2 in 1000 will ever pay estate tax right?

[@ginolopresti2997]

Exchanging a large amount of foreign currency. How to do it with out getting cloborred in taxes. And wheres a good place to put it to get a good return..

[@mmmotives7452]

Bitcoin maybe?

[@isohi1429]

Is it talk about every state ?

[@marg22az]

Portability .

[@janewoo5060]

Portability is only an issue for married couples. Do singles need to worry about yhis at all?

[@guillermohernandez4493]

I have retired now going on 5 years . All the work I did was contract medical . (1099 ) probably 85% of my retirement $$ are in IRA-Sept plans and15% on traditional IRAs . I’m single and have 2 daughters . ( 35..33) oldest married and just had first child . Second engage marriage. Next year . Questions is I want to start a college education plan for newborn . Through Vanguard . I thought I could set up the plan .. and myself the caretaker of plan and Blake the benefiary . Take lump sump from my Sep plan and use as a gift $15k/year . But instead I had to withdraw the money myself from sep an transfer to a money market account with ties to bank transfer option from vanguard to Bank of America . The question is they made me have withdrawals $$ for taxes to money market account . I thought a money gift is non taxable ? Where am I going wrong ? Thanks

[@MikeSmith-nu9wt]

Go buy her 4 ozs of gold , make sure its safe until she is ready to graduate high school, then make sure she gets and knows how to use it , by the time she is 18 , that 4 oz's ( which will cost you 10k dollars roughly now) it will pay for her college and or her first house in 18 years ..( jmo.. I know nothing , proceed with diligence)

[@thefunteacher8662]

I’m one of the elite now 😆 😊

[@runodbc]

Been Binge Watching your channel every night for past week. Taking over an estate feels so overwhelming. Your ability to explain estates/trusts/taxes is amazing! Thanks Paul! You've really helped me get a grasp of everything

[@grannyhorsetraining878]

Thank you for all the honest information you provide to us viewers. Can you give any tips for finding an honest, knowledgeable estate attorney? I live in Washington state but I'm sure other viewers in other states could use some tips on finding an Attorney to work with

[@lindashrive521]

Could you please stop rambling on and get to the point

[@noravela3301]

I appreciate your professional factual presentations you present. Preparing and considering estates can be so complicated. You make it simple to grasp the information and thorough examples are superior. You are a unique professional attorney I have heard. It is difficult most of the time to find an attorney who is willing to assist people requiring guidance and advice. I thank you.

[@charlenemiale1819]

Paul, You're the most informative straight up attorney -- Thank you.

[@marg22az]

This is great information. Knowledge.

[@evangelinahidalgo2365]

Hi. I live in Cali and we’re getting ready to retire. Thank you so much! You are the best out there that I want to see to the end. You are so informative and very helpful.

[@mlee1308]

Your the best estate lawyer on KZbin. Keep it up. You are helping the world. Thank you. I’ve learn so much from all of your videos. Hopefully to pass on to the kids

[@artk1842]

You did not mention portability for spouse use the unused portion as exempt

[@lucyluo436]

Great contents! However, I would like to point out that the close to 12 million dollar estate exemption, is for Federal estate considerations. A lot of states, have state estate taxes with MUCH LOWER exemption amount.

[@jonathanthink5830]

wow. I thought the $15k gift tax is calculated into the estate limit. Thank you.

[@jonbryant7877]

This is good stuff. We have had a trust for over twenty years and you are helping me fine tune it. Thank you very much.

[@SandraEStraume-ow5si]

Lots of properties that was given to me that's been swindled fraudulently paperwork has been done on the property I'm living on it's a mobile home park in palmdale

[@stellalunita320]

What happens if you didn't know to take out an inherited IRA within 10 years? It's now 11 years for me.

[@curiosidadanalitica6564]

you are the person i was looking for. I like how you explain is very easily and clearly that I can understand and calm with example dela vida teal. I have a question: I'm an organ donor, it's on my driver's license, but I don't want all of my parts to be donated. How can I make a document to explain what parts are donated and what part of my body I am not donating in case of death?

[@FaridaSultanaIchoosesuccess]

16:16 You gave the information, let him deal with his stupid daughters. Move on, Paul.

[@timemanagementisinvesting]

Our father passed in 2019, and we’ve encouraged our mom not to give us children more than the annual gift allowance. Listening to your videos; however, I see what a mistake this is. If we were to accept larger gifts but keep them invested, the compounding effect is significant. More over, mom’s minimum distribution and tax liability annually is greatly reduced. The overall effect for compounding the family estate in aggregate is best served with larger gifting. It’s the three year exclusion to the Lifetime Gift Exemption (LGE) that makes me nervous about pulling the trigger as we approach 2023. Surely Congress won’t let the LGE fall back down to $5mill, but if they do it seems this (2022) is the last year it’s safe to accept the risk of large gifting.

[@MamaSenda]

Thank you for this informative video

[@vwatts8738]

I’m a notary in California and I come across quite few clients signing reverse mortgage loan docs and they do not have a Trust. I think your channel is a great one to share to educate them. Mega thanks!!

[@cellphone1344]

Suggesting to transfer the assets of the first to die to the surviving spouse over looks those who live in states with estate taxes. Perhaps the A/B/QTip trust that has a disclaimer option might be worth considering.

[@adybianchi2702]

I just found you on KZbin and I started to following you. I love your videos. I have a question, I added my 3 adult kids with a quitclaim deed in to my house title. That is my homestead home here in Florida. If I die do they have to pay any federal tax? Also will they be under the umbrella of the homestead exemption that I have on my house right now. Homestead is under my name, so I wonder if that homestead exemption tax will follow them or they have to re-apply?

[@carmenthiemann1497]

Hello, love your videos! I have two properties in an LLC in Ohio, can you help me out to put the LLC into a trust?

[@americasestateplanninglawy1946]

aeplaw.cliogrow.com/book/31fd235c09140cc350287e855cbdc674

[@rajpawar1363]

I saw it today. Very helpful. I can't understand any rules the govt. makes they make it very complicated. Thanks.

[@marg22az]

God Bless your Dad

[@joannafigtree4647]

My hubby and I have several property owened jointly. None of them are expensives ones. Do we still need the living trust or will? What's difference between revokeable living trust and living trust?

[@gilbrook]

Finally someone makes “mud” clear. ThankU!

[@SandraEStraume-ow5si]

I am living inPoverty

[@marg22az]

TRUST in LLC. Anonymity and Asset Protection. File as partnership.

[@terrilynnsmithrealty8021]

Great information!

[@artk1842]

Does the secure act RE 10yr rule apply to 403B retirements as well as IRA"s

[@whyaskwhytrybuddry2126]

I’d like to know that too , you ever found the answer?

[@marycole6021]

Yes, would be good to know.

[@plnmech]

does the surviving settlor have to file a 1041 in addition to her or his 1o40 and does this affect the states also?

[@gregorylynncarawayttee8900]

THANKS CARAWAY ESTATE

[@shericory1711]

Hi Sheri from Iowa

[@guillermohernandez4493]

I have retired now going on 5 years . All the work I did was contract medical . (1099 ) probably 85% of my retirement $$ are in IRA-Sept plans and15% on traditional IRAs . I’m single and have 2 daughters . ( 35..33) oldest married and just had first child . Second engage marriage. Next year . Questions is I want to start a college education plan for newborn . Through Vanguard . I thought I could set up the plan .. and myself the caretaker of plan and Blake the benefiary . Take lump sump from my Sep plan and use as a gift $15k/year . But instead I had to withdraw the money myself from sep an transfer to a money market account with ties to bank transfer option from vanguard to Bank of America . The question is they made me have withdrawals $$ for taxes to money market account . I thought a money gift is non taxable ? Where am I going wrong ? Thanks

[@jeanneshannon5607]

I wish he would answer

[@SandraEStraume-ow5si]

Mansion in Texas that somebody's identity it's a cartel I'm dealing with

[@SandraEStraume-ow5si]

Donald Trump has been without making sense there's so much corrupted is for today I do not know

[@SandraEStraume-ow5si]

Where tostart

[@judygouvas1351]

Paul Clarify -- irrevocable only income plan . as Trustee may I with draw monies. Are the funds allocated to parties.

[@kishorsshah]

i like all your videos, learnig a lot. Thx

[@maggie-iv6ot]

ASU

[@june.5082]

Dear Paul, do you know if the inherited RSA(Restrict Stock Awards) gets a Step-up basis? The release letter shows the tax paid and shares released at the market price on 5/2/2013. Are the RSA stocks under a different law code?? Thanks!

[@virginiasanmiguel9930]

I’m really confused !! you keep saying that if you have up to 12 million you don’t have to pay a estate tax but yet when you do video n talk estate tax it seems it applies to everybody regardless of size of the estate. I have 600k n will split amt between 2 adult children n u r single no spouse. Do they pay estate tax when I die. Or should I give to them now, minus taxes due. All funds are pretax. Thank u, love ur videos

[@jkamailelaninapoleon8168]

Right! There’s so much to learn in this area and if you make certain errors sadly you can lose your whole life in a second. Thank you so much for helping educate others . 🙏

[@grandmajane2593]

I'm surprised you said life insurance was taxable. I thought it was not taxable. So after the funeral is paid for, taxes must be paid on the insurance that paid for it?

[@marymarmande8446]

❤ aw Happy Heavenly Birthday to your father!! I'm in Louisiana as well thanks!! I'm subscribed just found your channel. My lawyer just passed ( only. 53) so happy to find you ❤ ✌

[@DrElectron1]

This was a very good video with lots of useful info. When you talked about capital gains, I was hoping you would address capital gains exclusion for sale of home and individual vs. joint living trusts.

[@lindastorhoff8847]

Thank you for this wonderful information so clearly and graciously given.

[@华府财神小姐姐]

Great!

[@Ang7.8]

What if the decedent’s Will is stolen, hidden, or thrown away? 😢

[@davinaalleyne6079]

I lie in NY. Thank you for your very valuable advising.

[@darlakaltenbach4843]

With the possible change in Democratic seats and President how to we hold onto the 11.85 million or even 5 million dollar range. Is a Trust the only way for those that will live longer than a few years?

[@margaretannwhalen98]

Mother sold house and she is giving some of the money to my brother and I do we need to pay tax ?

[@kentnauman9863]

How about my gold bullion that is not in the bank and is burried in the ground, are you going to tax it

[@lilongge1304]

Where do you live Kent? I'll protect it from those money grubbing govt officials 😉

[@MikeSmith-nu9wt]

I hope your kidding about buried in the back yard , we tried that and failed miserably. It got moisture and messes it up , lost a little value , but not all of it , I feel like I still got taxed , but by mother nature ..

[@pamc3338]

Are these rules for states only? I'm in coastal NY but its appx $8G to do an estate plan 😐

[@ingridbarrera4241]

First time watching your channel very interesting.

[@odettemendoza3492]

Paul, will taking out the traditional IRA and move it Roth IRA a good idea?

[@dogwood1115]

Can I have a join title to any ownership when I die he or she will take positions without pay any taxes to anybody?

[@joycebrazel178]

GENERATIONAL SKIPPING TAX...TALK ABOUT THAT. !

[@carol5993]

Thank you! Have learned so much.

[@westtrindy9176]

What if you leave something as a “donation” instead of a “gift”? Does the recipient(s) of the donation(s) still need to pay an estate/gift tax?

[@teresitatowning8675]

I love this ! Finally we have some one that try to help people like all of us to know what’s going on with our lives during families emergency period ... I always hit the like button and make sure you continue keeping all of us informed to everything that we all need to know ... So thank for all your amazing info !!! # keep it if please ?? Thank you so so much for all your help ..... 🙏🏼⭐️👌

[@jimwallace3441]

do cap gains apply to inherited IRAs

[@clouddragonz]

Thank you. Appreciate it.

[@jeanellis9575]

My husband handled the estate of his parents and it took longer that some thought so he did have the lawyer make the final dispersement because he was tired of all the phone calls. As you said, there were additional taxes that came up later and they had to pay back.

[@charlesnola486]

I wish you practiced in NY

[@maureenlister2707]

What about any pre tax investments in a family trust

[@MrPeterschmit]

Yay !! I'm elite 😎

[@fastpermitsliz]

I want to leave my home to my son when I die. Will he have to pay taxes on this?

[@mmmotives7452]

Transfer the deed to him now while you are alive. He will continue to pay property taxes.

[@valerieakinmoju1772]

Awesome

[@edkelly7878]

If a trust pays out a stipend to individuals named in the trust is that income to the individuals, does the trust, individuals or both pay the tax?

[@Corkfish1]

A distribution from a trust causes the net income from the trust to be passed out to the beneficiary on a k-1. Capital gains are typically held in the trust and any tax is paid by the trust.

[@tippyscope]

Waiting for new one.

[@joannepriester4559]

jp: My house n car will go to my son as a revokable trust-- what about his being a beneficiary of my annuity or checking/savings account if i also ask him to give 10% to charities to reduce his taxes

[@2901nc]

Potential topic: taking cash out with reverse mortgage Does that effect Medicare, how to use cash if you do take it out (use for burial expenses, etc.)

[@tomb375]

Another Awesome Video. Thank you, your a great teacher. I'm learning a lot, Keep them coming.