In this episode, Trishul and Aaron try to introduce all the nuance and complexity behind estate planning. They explain how the step-up in basis on taxable accounts can be better for heirs than inheriting a Traditional IRA. They then discuss wills and trusts, both revocable and irrevocable. Then there are community property states vs. separate property states. Don't forget the estate tax exemption, the annual gift tax exemption, and the lifetime gift tax exemption. Yikes! There are so many little caveats that there is no universal estate planning recommendation, other than that you need to plan ahead because it'll be too late after you pass away.
Episode References
Investing Forever - Wills and Trusts: How Are They Different?
Investing Forever - Making Sense of Estate Planning Terminology
Investing Forever - What's so Great About a Revocable Living Trust
Investing Forever - I Have a Trust, Now What?
Investing Forever - Estate Planning: Get Started Today
IRA Announces Higher Estate and Gift Tax Limits for 2020
Internal Revenue Code, 1014. Basis Of Property Acquired From A Decedent
Understanding Stepped-Up Basis
Deathbed Tax: Take these Steps Now to Save Later
Three Year Rule
IRA Announces 2015 Estate and Gift Tax Limits
IRA Rules on Gifts (FAQ)
Guide to Beating the New Death Tax - The End of the Stretch IRA
Podcast Description
Welcome to The Mind Money Spectrum Podcast where your hosts Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Financial Planner from the Bay Area, and Trishul is a Wealth Manager on the East Coast. For more information about Aaron, check out GraystoneAdvisor.com. And for more information on Trishul check out InvestingForever.com. We thank you all for listening, and stay tuned for our latest episode on our website, MindMoneySpectrum.com.
Aaron Agte and Trishul Patel go beyond traditional finance questions to help you explore how to use your money to achieve the freedom you want in life. Aaron is a Bay Area Financial Planner with GraystoneAdvisor.com, and Trishul is an East Coast Wealth Manager (InvestingForever.com). MindMoneySpectrum.com and YouTube.