33: What Women Need to Know about the Estate and Gift Tax System

<p class="p1">Today, Stephanie and Kevin cover a topic that can often get confusing for many people: the <em>estate and gift tax</em> system. This is different from the <em>income tax</em> system, and both are federal tax systems that everyone needs to be aware of when planning for retirement.</p> <p class="p2"> </p> <p class="p1">At the end of the day, the IRS is getting paid. The only two questions, then, are: <em>Who pays?</em> and <em>When?</em> Our hosts tackle these questions and more.</p> <p class="p2"> </p> <p class="p1">While today<span class="s1">’</span>s discussion is a big picture overview of the estate and gift tax system, it will give you a general grasp of the concepts and vocabulary that will make your next meeting with your accountant <span class="s2">or estate planning attorney</span> a more insightful and productive one.</p> <p class="p2"> </p> <p class="p1"><strong>Key Topics:</strong></p> <p class="p1"><span class="s1">“</span>At the end of the day, the IRS is getting paid.” (2:47)</p> <p class="p1">Defining <em>estate taxes.</em> (4:02)</p> <p class="p1">What are <span class="s1">“</span>exclusion amounts?” (6:14)</p> <p class="p1">Defining <em>gift taxes.</em> (8:16)</p> <p class="p1">Maximizing how much your beneficiaries inherit. (11:53)</p> <p class="p1"><span class="s1">“</span>My parents can <em>only</em> give me $16,000 a year…” Why this isn’t true. (17:30)</p> <p class="p1"><span class="s1">“</span>I want to avoid probate, because if I can do that, then I<span class="s1">’</span>m not going to pay estate tax…” Why this isn’t true. (22:11)</p> <p class="p2"> </p> <p class="p1"><strong>Resources Mentioned:</strong></p> <ul class="ul1"> <li class="li3"><span class="s3"><a href= "https://takebackretirement.com/podcasts/what-the-heck-is-a-trust-and-why-might-i-need-one/"> <span class="s4">Take Back Retirement Episode 31: What the Heck is a Trust, and Why Might I Need One?</span></a></span></li> <li class="li3"><span class="s3"><a href= "https://takebackretirement.com/podcasts/true-confes