hi lee phillips i want to talk to you lawyer to client lawyer lawyer whoever you are i want to
talk to you about the estate tax changes the estate tax trump he put it back in place back
2017-ish and each year it has gone up a little bit the amount that you can pass on to your heirs
without having to pay an estate tax it's gone up according to the cost of living increases and
this year it's about a little over 12 or 11 million seven hundred thousand dollars
next year 2022 it's going to be 12 million 60 000 so it goes up a little bit each year and
we're still at the 12 million point uh biden says he's going to decrease that hasn't done yet so you
i mean it may be an excellent year to die because you can pass a fair amount of money without having
to pay any estate taxes at 40 percent that adds up the estate tax and the in or excuse me the gift
tax are what we call unified taxes and that is if you give gifts away over the annual exclusion
which i have another video we talk about the change in the annual exclusion for 2022
but if you give property away over the annual exclusion then it counts towards your gift tax
you don't actually pay a tax because that eats away at the amount that you can pass when you die
so if you give sixty thousand dollars away as a gift then you're going to lose
60 000 in your estate tax possibilities and you won't be able to give 12 million 60 000 away
you would only be able to give 12 million away now a husband and wife can give each to 12
12 million sixty thousand so you can get uh what of 24 million dollars plus that's not bad
guys 24.1 that eliminates estate taxes for all but about five thousand families in the united states
right now if they do anything with that which they say they might
it could lower it substantially now to get his and hers both of you a 12 million dollar
estate tax exemption then you're going to have to have a trust an a b trust so it divides into two
pieces and we have videos on that and by the way if you want a whole ebook i've written it's free
uh using a trust you can just email me uh info i n f o at legally l e g a l e e s it's a pun on my
name it's the same as the uh youtube video channel here lee or info at legalese.com and just say
please send me the how to use a trust so we can do that for you and it'll explain this to some degree
and you can get that 12 million with one and 12 million with the second one for a combined
24 million you could also do a bunch of tax returns stuff when somebody dies and port
the amount that this first death the the husband or wife that died first port what they didn't use
over to the second person and they can have that credit plus their 12 million dollars
so porting is something that you could do but between a husband and wife married couple
recognized legal couple then you can get 12 and 12 24 million which isn't bad guys
this is lee phillips i've been talking about how the tax change for 2022
affects estate taxes now don't forget to subscribe give us a like give us a share
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