Bailey McCann
speaker
178 appearances
3 recordings
1 series
first heard Feb 2020
last heard Oct 2023
Bailey McCann’s voice in public audio — every appearance, attributed to the second.
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Appearances
So if you're doing the donation now, obviously you have that higher rate deduction limit, and that can be
helpful in bringing down your overall estate size.
And then the other thing is, is if you do end up having to pay a gift tax or a step up basis, if you, for example, are donating something like property or expensive high value assets, doing that now at the lower rate is probably going to be better for you than waiting and doing it later at a higher rate.
Under the current IRS rules, married couples can transfer a little bit over $25 million, and individuals can transfer just under $13 million to beneficiaries without triggering federal estate taxes.
Any amount over those limits would be subject to federal estate taxes, which can range from 18% to 40%.
So when the tax law expires, the size of the exemption will be cut roughly in half.
That means the taxable estate that's worth...
More than approximately $7 million for an individual or $13 million for a couple would be subject to federal estate taxes if you don't plan ahead.
One key thing to note is that pretty much everybody in Congress would be subject to higher taxes if things are allowed to expire.
So there is a little bit of impetus for people to get on the stick about it in Congress.
2025 is not that long of a timeline legislatively if we are going to be making those changes.
But there's also some history here.
Previously, when tax changes expire or are set to expire and then extend it,
We were already in the expiration period before all of that played out.
And that creates kind of an accounting scramble for individual people.
So the best bet is to plan for them expiring.
And then you already have something in place versus trying to like handicap what's going to happen either way.
Essentially, you're taking a group of people that have had no options before this that have worked for them, and now they have a plan.
And the opt-out rate is very minimal.
Yeah, you're right.
Showing 41–60 of 178 · page 3 of 9
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