The 3 Parts to a Perfect Estate Plan – Part 2b: Tax Considerations
Big Picture Retirement®
Devin Carroll
4.7 • 545 Ratings
🗓️ 5 May 2025
⏱️ 39 minutes
🧾️ Download transcript
Summary
In this episode, we cover key tax considerations around wealth transfer. We cover the differences between federal estate tax and state inheritance tax, and explain why the stepped-up basis is such a powerful tool for minimizing capital gains taxes for heirs.
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
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Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:11.2 | Hey, everyone, welcome to the Big Picture Retirement Show. |
| 0:13.9 | I'm your host, Devin. |
| 0:14.9 | Join today by my co-host, John Ross. |
| 0:17.3 | Howdy. |
| 0:26.1 | Yeah. I'm Ross. Howdy. John, we've been covering the three parts to a perfect estate plan. |
| 0:28.9 | We have. |
| 0:29.4 | It's been a good series that we've done where we've covered a lot. |
| 0:33.4 | Listeners seem to like it. |
| 0:34.7 | Oh, yeah. |
| 0:35.1 | Yeah, we're getting a lot of questions in about it. |
| 0:37.1 | And we are covering some of those questions now because we're in the middle of these series. So some of those are getting moved at the front of the line. But I did think that it was important for us to cover some of those questions while we are in the midst of talking about this instead of waiting for six months like we do on some of our other questions. Right. So in the first three episodes that we've covered in this series, we've talked about |
| 0:59.0 | a number of things. And to our listeners and viewers, if you haven't watched or listened to that |
| 1:02.8 | yet, you need to go back and check that out to lay the groundwork for what we're going to talk about |
| 1:06.9 | today. We talked about planning for incapacity with powers of attorney, paying for long-term |
| 1:11.5 | care, some of the pitfalls and mistakes that are there. And then in the last episode, we moved on |
| 1:17.9 | to talk about non-probate transfer strategies. And we covered that in depth. And so that was the three |
| 1:25.4 | parts to a perfect estate plan. Part two A today is going to be three parts to a perfect estate plan. Part 2A, today is going to be the three parts to a perfect estate plan. Part 2B. There you go. And we'll see how many more episodes we have left to cover these three parts. But we're going to pick up today. Yeah, this is going to be my favorite because we get to talk about taxes. Yes. Everybody loves taxes. It's always a lot of fun to talk about taxes. And it's |
| 1:44.2 | very poorly understood as well, especially when we start talking about death taxes, state taxes. |
| 1:50.5 | Correct. So many people do not understand how that works. We're going to talk about |
| 1:55.1 | stepped up basis and capital gains. We've got several good things coming up today. So let's |
... |
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