Estate taxes and planning is a complex topic. How do you minimize taxes after you’re gone? Is there such a thing as “too much” to pass down? What are the exceptions? We are tackling these questions and more in this conversation.

Today, we are joined again by Jim Benckendorf, a partner at Benckendorf & Benckendorf Law Firm and someone who concentrates in complex estate and tax planning, trusts, and probate.

In this episode, Jim shares when you likely need to worry about estate taxes, who should be focused on legacy and estate planning, strategies they use to help their clients plan for the future in their firm, and more.

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In the latest episode of An In-Depth Look at Estate Taxes, hosted by Jim Benckendorf, viewers were taken on a deep dive into the complex world of estate taxes. The fifth episode of the second season provided valuable insights and information for viewers looking to understand this important aspect of financial planning.

Estate taxes are a crucial part of estate planning and can have a significant impact on the distribution of assets upon one’s passing. Jim Benckendorf, a renowned expert in the field of estate planning, discussed the nuances of estate taxes and highlighted the key points that viewers should be aware of.

One of the key topics covered in the episode was the federal estate tax exemption. Jim explained that the federal estate tax exemption is the amount of money that an individual can pass on to their heirs without incurring estate taxes. For the year 2021, the federal estate tax exemption is $11.7 million per individual, but this amount is subject to change in the future. Jim emphasized the importance of keeping up to date with any changes in the federal estate tax exemption in order to properly plan for the future.

Another important topic discussed in the episode was portability. Jim explained that portability allows a surviving spouse to take advantage of any unused portion of their deceased spouse’s federal estate tax exemption. This can be a valuable tool for married couples looking to minimize their estate tax liability and ensure that their assets are passed on to their heirs in the most tax-efficient manner.

Throughout the episode, Jim Benckendorf provided valuable tips and strategies for viewers looking to navigate the complexities of estate taxes. He stressed the importance of working with a qualified estate planning attorney to develop a comprehensive plan that takes into account all relevant factors, including the federal estate tax exemption, portability, and other tax-saving strategies.

Overall, the fifth episode of An In-Depth Look at Estate Taxes provided viewers with a wealth of information and insights into this important aspect of financial planning. Jim Benckendorf’s expertise and guidance are invaluable for anyone looking to understand estate taxes and make informed decisions about their financial future. Viewers are sure to come away from this episode with a deeper understanding of estate taxes and the tools they need to effectively plan for the future.