In this special 40-minute episode, of Financial Detox® Jason Labrum and Co-hosts Alex Klingensmith team up with Brian Raftery, a partner in Dentons' Trusts, Estates and Wealth Preservation practice and currently serves as co-leader of the US Region. Together, they tackle the ins and outs of estate planning with precision and expertise.
Join the trio as they delve into the essential aspects of estate planning, uncovering common pitfalls and emphasizing the proactive approach needed for success. Brian sheds light on the importance of a revocable living trust and asset transfer strategies, providing listeners with invaluable insights.
The discussion extends to the intricate realm of estate taxes, examining potential legislative changes and their implications for estate planning strategies. With a focus on California's unique landscape, they explore complex topics such as estate tax exemptions, foundational documents, and advanced techniques like spousal lifetime access trusts (SLATs).
Additionally, the episode delves into sophisticated strategies like utilizing LLCs and discounting to optimize estate planning outcomes.
00:00 Introduction and Overview
02:14 Defining Estate Planning and Common Mistakes
05:19 The Importance of a Revocable Living Trust
07:31 Avoiding Probate and Ensuring Asset Distribution
10:22 Understanding Estate Taxes and Potential Changes
15:50 State-Specific Estate Tax Laws
19:35 Foundational Estate Planning Documents
21:38 Potential Changes to Estate Tax Exemptions
23:24 Spousal Lifetime Access Trusts (SLATs)
25:06 Utilizing SLATs for Estate Planning
31:41 Maximizing Estate Tax Benefits with LLCs and Discounting
39:05 The Importance of a Comprehensive Estate Planning Team
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Brian E. Raftery is a partner in Dentons' Trusts, Estates and Wealth Preservation practice and currently serves as co-leader of the US Region. He is also the global co-leader of the Dentons Family Office and High Net Worth sector which provides cross-practice services to family offices and high net worth individuals. He was also awarded Best Lawyers in America, Trusts and Estates in 2020-2024.
#markets #financialplanning #financialdetox #Idawealthadvisers #estateplanning #revocablelivingtrust #assets #SLATs #sunsettax #gifttax #clifftax #californiaestatetax #tax #TCGA #trust
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