Hello and welcome. My name is Gino Barber, one of the co-founders of Jake and Gino. And in this important how-to lesson, we're going to be discussing with Harry Barth from Barth Calderon, the impending estate plan apocalypse. You don't want to miss this how-to.

Sure, sure, Gino.

So what's happening?

Okay, what's happening is very, very interesting and sadly, highly political.

And so we're going to kind of walk our way through it a little bit.

So since, you know, 2020, so to speak, maybe actually 2016, for spouses or individuals right now,

you know, you can pass 13 point, call it round numbers, $13.5 million worth of assets to your children.

Your wife can pass $13.5 million worth of assets to children, but $27 million worth of assets can be passed upon our debts to our children without the imposition of a federal

transfer tax. What the way about to state? It's just, it's a tax on the transfer on death, also a

transfer if we give it during lifetime. And anything that transfers above that amount is subject to a 40%

tariff to the federal government. So if we pass 10 million, we have 37 million, we pass

27 million to our children, and 10 million above the 27 million, we got to give the government

$4 million for the right of passage to do that.

That's a lot of money. And when you're thinking about it in terms of the nature of assets,

and you look at most people are not sitting around with boatloads of cash.

They're sitting around, especially in your constituency or our constituency with real property

and businesses. And as we all know, they're not so

liquid. And so if we have to liquidate assets in order to pay federal estate taxes, we're not

going to get the best price. Who knows what the market conditions? What if we're in a downturn in the

real estate market? die nine months later?

I don't have the liquidity in order to pay the tax.

I now have to sell off properties at a significant discount.

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