In this conversation, Dr. Jackie Meyer and Justin Baker delve into the intricacies of estate tax planning, discussing the current landscape of estate tax exemptions, the role of CPAs in estate tax planning, and the importance of proactive engagement with clients. They explore the dynamics of unexpected estate tax bills and provide practical examples of how effective planning can lead to significant tax savings. The discussion emphasizes the need for collaboration between CPAs and estate planning attorneys to ensure clients are well-informed and prepared for potential estate tax liabilities. In this conversation, Dr. Jackie Meyer and Justin Baker delve into the intricacies of estate tax planning, discussing various strategies for both closely held businesses and clients with liquid wealth. They explore the costs associated with setting up estate structures, the importance of proactive planning, and the various tools available to optimize tax savings. The discussion emphasizes the need for CPAs to initiate conversations about estate planning with their clients, highlighting the potential for significant tax savings and the value of collaboration in providing comprehensive financial advice.
🔗 Connect with Justin Baker
https://www.bakerwealthstrategies.com/
🔗 Connect with Dr. Jackie Meyer
Jackie's LinkedIn at https://www.linkedin.com/in/jackiemeyercpa
Jackie on Instagram @jackiemeyerCPA
Jackie's work at https://www.jackiemeyercpa.com
This episode is brought to you by TaxPlanIQ:
https://www.taxplaniq.com
Join the TaxPlanIQ newsletter here ➡️ https://www.taxplaniq.com/newsletter-signup-listeners.
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Takeaways:
- Estate tax planning is crucial for long-term financial health.
- The current estate tax exemption is set to change in 2026.
- Only 0.2% of American households currently pay estate tax.
- CPAs should integrate estate tax planning into their services.
- Unexpected estate tax bills can strain family relationships.
- Proactive engagement can help identify potential estate tax issues.
- Mitigation strategies vary based on asset types and liquidity.
- Effective planning can save clients millions in estate taxes.
- Collaboration between CPAs and estate attorneys is essential.
- Understanding the estate tax code can empower clients. Understanding estate tax exposure is crucial for clients.
- Consultation for estate planning can be cost-effective.
- Family Limited Partnerships (FLPs) are useful but scrutinized by the IRS.
- Optimizing existing estate structures can lead to significant tax savings.
- Generational planning can utilize older generations' estate tax exemptions.
- Proactive estate planning conversations are essential for CPAs.
- Immediate tax benefits can arise from long-term estate planning strategies.
- Annual reviews should include discussions on estate planning.
- Collaboration between CPAs and estate planners enhances client service.
- There are numerous tools available to mitigate estate tax risks.
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