In this episode of Tax Boss we discuss portability and estate planning, transfer taxes between married couples, prenups and generation-skipping transfer tax.

Resources

IRS form 706 (Revised November 2018)

Timestamps

1:43 Portability and transfer taxes between married couples (11.2 million dollars exemption currently, 22.4 together)

2:43 “I love you” Wills

3:50 how portability works and filing an estate tax return form 706

5:12 capturing the portable amount before Congress changes their mind

6:20 what about getting re-married? How would the IRS handle the prenup?

8:07 the generation skipping transfer tax is not portable

 

 

 

If you feel a little overwhelmed by the number of advance directives to consider and how they’re similar and dissimilar, this episode of Tax Boss will help! We discuss DNR orders, physicians orders for life-saving treatment, healthcare surrogates, living wills, and the difference between all of them. We also discuss why you may want to consider naming different people in each case.

Resources

Advance Care Directives

Timestamps

1:48 DNR – what it is and what it isn’t

4:36 What is included in a Healthcare Surrogate document?

7:09 Having conversations with the people you’ve named – what you’d like them to know that they may not know

8:00 The Living Will document and choosing who you’d want to have your back

10:30 The Terry Schiavo case and definition of artificial life support

12:14 Three different paths of the Living Will in Florida

12:53 The P.O.L.S.T or Physicians Orders for Life Sustaining Treatment

18:25 Medicare and skilled nursing facilities

19:40 Dealing with statements like, “You must not love your father if you won’t let me treat him.”