okay everybody here we are number 20 the grand finale of our 20 consecutive master classes estate planning in 20 days here in the year 2020 so I'm kind of disappointed that it's winding down I'm not maybe even a little more than kind of disappointed just to kind of share a few quick thoughts Before we jump into the topic I didn't know what I was getting into when I did this but it has evolved into something that it's really it's really kind of kind of changed me so you know I I scheduled these things I started presenting them it's really good good and I've always had really great participation and then in this crazy environment that we're in I guess about 10 days into it one of my children was diagnosed or tested positive she's okay she's 19 she's like all those other youngsters who were out there testing positive had some symptoms for two or three days feels much better now but nonetheless it required my wife and I and our daughter to self quarantine here so you know we've had no interaction with anybody nobody over for father's name nobody comes in the house we don't go anywhere we don't see anybody so really it's this this has been my you know people interaction for the last you know over a week and it's kind of been the highlight of my day as sad as it may sound but you know I get up every morning excited that I have this to do and so I've gotten a lot of enjoyment out of it and so I'm gonna move on to bigger and better things not exactly sure what I'm gonna do but it will likely involve YouTube and it will in unlikely and you know it will involve educating so you know be happy to hear your feedback and that kind of thing on what what you what you'd like to hear or see or learn and you know I'll take all that into consideration as we move forward so one of the wrap-up and really talk about some of the mistakes that are made as people get into estate planning by the way not that they're not good okay thank slim slim dog by the way thank you just as part of my routine answering a few questions they get maybe one or two questions come across the old youtube channel comments in the last 24 hours let me get to him real quick comments okay I've had this come up and this was appropriate in the kind of environment that we're in with the government oh oh you know giving money to everybody so this is a question that has come up several times in the last few weeks has to do with a person in a nursing home on Medicaid and getting us I guess a stimulus check whatever you want to call it Herbert asked 14 hours ago how can a person under Medicaid spend the money she has if the account balance goes over $2,000 after the stimulus the balance is above $2,000 the nursing home was worried she will lose her Medicaid if they see the balance above $2,000 even though it is still close to $2,000 really good question Herbert has been getting out a lot and really my best answer is is just a guess but I I realized you know even before people in nursing homes started getting stimulus checks and quite frankly people in nursing homes on Medicaid they don't want stimulus checks that Medicaid is very valuable and if a stimulus check could cause them to lose their Medicaid eligibility it's just kind of mass chaos for everybody but nonetheless they got their stimulus checks in fact I remember that's the stories about how now dead people were getting stimulus checks or quite frankly darkest deposits into their account and it's caused them to have countable resources in excess of this magical number of $2,000 and so even before at least in my state and I got to feel like it's the same everywhere when someone received some money whether it was $1,000 or $5,000 whenever could have been an inheritance or it could have come from any source maybe the the cell of an old beat-up sale of an old beat-up vehicle or something and it caused someone to have over $2000 and there's no rule that says this but I know that what they were always permitted to do was just once they got it then they kind of immediately turned around and spent it on themselves they didn't give it away they didn't create this uncompensated transfer but they bought something a piece of furniture some clothing some diapers some something that they could use for themselves to quickly you know get it back down under $2,000 and I got to think that's the case here with the stimulus checks I don't think Medicaid wants to kick anybody off of Medicaid because they got a stimulus check and this is just me common sense thinking but again haven't seen any regulation on it I would think that it would be appropriate for that person just to go spend that money on some something for themselves and get it back down under $2,000 that's that's my best guess there that's a good question Herbert you know perhaps an inquiry to the Medicaid office or a phone call may be appropriate there or maybe it won't be you know for some obvious reasons that sometimes you don't want to raise the red flag as they say all right so that's it for that keep bringing on the live shot if you got questions this is this is it for the live chat so number 20 of 20 here so bring them on I love the live chat it's the reason I do it live I want people to be able to get their questions answered and I think we'll be answering a lot of questions and talking about a lot of stuff that you may have on your mind as we go through the the you know on the picture it's at five deadly mistakes and uh no pun intended or maybe pun intended but really thought common but costly estate planning mistakes all right let's get let's get right into that I put number one first because you got to avoid this mistake early in the game as one of the biggest mistakes and mistake number one is is working with the wrong person company advisor it's just not getting guidance from the right source let me give you some examples and and I put that as number one because once you get started going down the wrong path it's often difficult to undo sometimes you may start something or or do something that that quite frankly can't be undone or you may incur an expense and then now you realize you made a mistake and now you have to incur another expense and kind of start all over again so you want to work with the right I'm just gonna say people but by people I could mean person entity business law firm corporation whatever you want to make sure you just start out working with the right people I'm gonna give you some generalities here I'll just jump right now so when I say you know a financial advisor you work with a financial advisor you work with a financial person I'm being very general here there were a lot of people in the financial services field that that know their stuff they do a good job heck I just realized it was there's a financial advisor that I know very well it's his birthday had just texted them happy birthday he texted me back he wanted to know if I'd seen some things on a website so anyway a lot of a lot of good ones out there but in general and when do you work when you lie on a final person and that could be the stockbroker it could be the insurance agent it could be the certified financial planner when you rely on that financial person you know you're gonna get some answers that that may not be in the big picture best interest so for example talking to the financial person and you say you know what I need to do some estate planning often their response generally speaking here is Oh a state planning you need to buy a life insurance policy or you know or maybe you talk to the financial person I'd like to kind of inquire about whether I need to avoid probate for my heirs the response need to avoid probate great let's put you in an annuity because the inane beneficiaries that avoids probate or maybe you even initiate the trust conversation with the financial advisor and then the response is always always going to be well I'm not an I'm not an attorney but and then they kind of give you their two cents worth on whatever that's kind of same thing with a CPA go to the CPA and start talking estate planning they're gonna say I'm not an attorney but and oftentimes you know they don't really see the big picture they're not really good listeners so and then even you could be working with an attorney and it it could very easily be the wrong attorney that you're working with things I hear call that attorney talked over my head I didn't understand what they were talking about Paul the attorney talked too much I mentioned I was able to get a couple of words in they would tell me about what I was trying to accomplish but other than that they just kept you know kind of ramming this stuff down my throat so there there's attorneys are not the end-all cure-all for estate planning but so but but so and then there's the whole legal document software so we did a one of our YouTube presentations on should you use the little zooms of the world and my concern there is you don't know what you don't know and so you have no one who's able to say well well I know you answered this question online this way but based on what you told me five minutes ago let me let me kind of inquire about that to see if we're still on the right track you just don't get that with the legal document software stuff so really you need to start off on the right foot work with somebody I would say most important criteria are they need you need from the get-go to help you uncover what it is that you want to most accomplish many people and my conversations will tell me Paul the most important thing to me and when I hear those words I better have my pen in my hand and jot down exactly what they say because if they preface a statement with what's most important to me is then I'm gonna make sure that that gets accomplished so you need to work with somebody who can pull what's most important to you out of you is a good listener and then focuses on helping you accomplish what you're trying to accomplish and in many cases in order for them to help you accomplish what you're trying to accomplish you need to work with somebody who has a really excellent working knowledge of you know tax law as we'll get into in a minute not just the estate and gift tax the capital gains tax the income tax the property tax you need to work with someone who has an excellent working knowledge of your particular States Trust code of an inheritance law and then helps you you know create an overall program that accomplishes whatever it is that's most important to you and your family and yes you'll you'll typically you know need to work with a lawyer to get that done because often that comprehensive program or maybe always that comprehensive program includes you know the preparation of a number of these you know legal instruments that are necessary to get you where you need to be so I want to emphasize on this reason number one but and and the reason I made it number one is because you know if if you start by taking the advice of the financial and you may you may invest or purchase in some instrument that you're not able to get out of and then after you finally get a chance to uncover the big picture and realize that maybe you should not have done that first or maybe you should not have done that at all so that's why we want to make sure the the whom who looked like connection okay the who is going to help me through this is really important so do your homework talk to people if you don't have a comfort level like wow I think I found the person that can help me structure this overall thing and and because this thing is gonna affect generations into the future you want to make sure you get it right enough I'm not there with number one number two mistake that people make and these mistakes are not mistakes that everybody makes but they're their common mistakes and some people make them so number two is the old failure to address the possibility of needing long-term care you know skilled long-term care in the future not a real popular topic that people like to talk about because they don't like they to think about the the possibility of getting sick being in a facility that is just not fun too many it's not fun to me however it's it's got to be something that gets addressed and you need to have a plan for it and your plan might be I'm gonna take my chances and and in and at least it's an educated plan it's a thought-through plan I'm gonna take my chances meaning I'm not gonna purchase any financial instruments I'm not going to try to move assets out of my name because of my circumstances and because of what I own and because of what I've saved you know me and my family we'll deal with it if it happens and that can be an educated decision and that's okay but the bottom line is I have to include it as one of the concerns and one of the mistakes because I just looked up a stat and I'm not a big fan of stats because people use that's to try to ram certain actions down your throat but quite frankly 52% of people who turn 65 now are going to need some long-term care services in the future now maybe they'll need them for six months maybe they'll need them for six years we don't know but you need to be since you know more than half of the people turning 65 will need long-term care it's something that families should have conversations about seniors ought to be educating themselves about what their options are and if you're going to work with an estate planning attorney risk in your long-term care options of course if you first start exploring how to plan for your future needs with a kind of financial person not a knock on the financial services industry not a knock on all the financial advisors out there but you know the reality of it and sometimes it all comes down to money you know the financial professionals get paid for compensated from insurance companies who they represent and selling certain financial products to you not a knock on that industry at all but when you talk to the financial person about you know and you initiate that I just want to make sure I'm protected if we if I or we you know need long-term care in the future the very first words out of their mouth are you gonna you're going to need some kind of long-term care insurance protection and so it will go from the traditional long term care insurance not as popular anymore now it's the life insurance and annuity with the long-term carrier riders you're just gonna go down that path and that's gonna be the the end all for the conversation about perhaps you might need long-term care in the future so really it's it's you could do one of you could wind up making decisions of one or three or four ways you could take advantage of some of the the financial offerings that are made ones that I just mentioned you could take advantage of legal strategies in order to qualify for Medicaid eligibility many many middle class people do that you could make a decision that you'll just kind of self insure and you're happy to self-insure because you want to keep what you have you want to keep it in your name and maybe you have some family influence who has you convinced that they'll never put you in a facility anyway that they're going to take care of you or whatever the case may be whatever that positive family influence might be so but you need to have the conversations with the family you need to understand the options you need to make an educated decision whatever that decision might be right so that's number two number three let's move run into and Bridget good to hear from you I know you're uh you're somewhat familiar presence on the live chat on the YouTube videos have a good day I like your little mouse there okay alright and then number three is the especially in my state the failure to even address probate or as we call it in Louisiana succession I know know in many states it's just no-brainer everybody does whatever they got to do to avoid probate because probate is an absolute nightmare and so but you know probate can be difficult and and and is often difficult not everytime probates not a complete disaster nightmare in every circumstance but at least address it and again again I'm just asking you to make an educated decision and if you understand what the options are which essentially are I can kind of keep assets in my name I'll use perhaps my last will and testament to provide for the disposition of those and yes when I die my survivor is well we'll need a lawyer and they'll go through a court and attorney involved process to get things transferred and that's the decision that I make I'm comfortable with it that's good and that's okay and then there's others who will say no I I'd like to set things up in advance and my family doesn't have to go through that I want them to avoid the court in an attorney involvement but many people they work with someone in and they don't even get the opportunity to make an educated decision so really important that that you make the educated decision have had many many conversations with people who have said you know what Paul we went seven years ago to a lawyer because we knew we needed to get our legal affairs in order and so we did a will and and the lawyer didn't even bring up the fact that we could avoid you know having to go through the courts when we died why didn't they do that and you know don't ask me why they didn't do ask them why they didn't do what I have an idea why they didn't do it but so but at least you know make an informed decision and if you choose the route if you make the informed decision and choose the route of using your last will and testament acknowledging that your survivors will go through a succession or probate at least once you've made that decision structure what you have so that the likelihood of that probate being difficult that disaster whatever you want to call it the likelihood of that is minimized and you'll do that by selecting the right executor who will hire the lawyers and guide the family through the court process don't just select the executor because you want to do appoint this person because you didn't give them any other jobs have conversations with your survivors about how you expect them to handle things to act as they go through the court process organize all of your asset information any debt information all those things that will have to play a role in your you know estate settlement process organize that so your survivors aren't left with having this to do this fishing expedition of what did he or she owned and then they go you know go through the lawyers and go through the court process and then you know six months after that's done they discover there's other assets that they didn't know about so now you're back to the lawyers reopening the probate and just a mess there so if if you're survivors are gonna have to go through that make it eat as easy as you can for them it's kind of the last act that you've made for them it's kind of maybe even how you'll be remembered so do what you can to make it easy and then of course if you make that decision to attempt to avoid all the probate stuff then you'll want to go back and look at the videos and all that about how to do it right what decisions you make who's going to be though who are going to be those trustees of your trust when you die who are going to be the beneficiaries are things titled in a way that they need to be title so that nothing's frozen when you die and you're you know designee czar have access to everything and can immediately do what they need to do whether it's cell trust assets or disperse them to beneficiaries with with little or no you know court or attorney or attorney involvement so that number three is the as the addressing probate piece really really important make informed decisions and so you're starting to see a pattern here in these mistake mistakes all underlying all of these mistakes is get yourself educated have you know work with the right people who can objectively listen and guide you through it have conversations to the extent you're comfortable having the conversations with your survivors with those people that you're putting in charge of different things so everyone knows what your expectations are and it may it may drive them to act in a way that avoids conflict and disruption if you've had conversations with them and told them what your expectations are all right number four come number four most common mistake but costly is and that's explain it for just a minute but it's it's making sure you cover reasonable contingencies probably an emphasis on reasonable and but but you know what I'm not referring to is Paul I want to leave it my estate to my children equally they're all adults they're all healthy but you know if my if all three of my children and I before me I want it to go to my grandchildren but not this grandchild because if my if my grandchildren get divorced or get on drugs or wherever they die I want to go to go back to this charity if all of my children and all of my grandchildren are dead and then if that charity's not around I want it to go to this church and by that time we're getting into too many contingencies I'm like look let's cover the reasonable ones and if there's some major change in your family circumstance come back and you can always revise what we've done here but let's just cover the reasonable contingencies for now we're gonna get too much in the weeds to try to cover these if this happens and that happens and that happens and that happens then I want this to happen that's it's it's too much now but the things that are reasonable contingencies that need to be addressed are it and again this is just needs to be communicated and then you make an educated decision so things like what if I die and my spouse chooses to remarry what's going to happen to my estate when my spouse remarries and and maybe you're educated decision is your spouse can have it and and there's my children so if my spouse remarries I know that my heirs are protected maybe you need to cover the contingency what if I die leave things for my spouse and my spouse starts to lose cognitive ability and runs the risk of being you know influenced by some predator or by some son-in-law or some other third party what can I do to protect myself my heirs from that situation which happens often what if I pass away and leave things to my kids if I leave things to my kids looks like we're okay if I leave things my kids and they will subsequently get divorced I'd like it to I'd like to leave it to them in a way where their ex-spouse doesn't get to enjoy half of what I leave to my child so those are a few of the reasonable contingencies other and then I kind of in the same ballpark there is the whole non-probate assets beneficiary designation so you see a lot of people they have their IRA as their largest financial asset they name their spouse as they prefer as their primary beneficiary and maybe they do it that with their 401k when they're 30 years old and now it's 20 later as 30 years later and their spouse maybe that maybe their divorce maybe they pre deceased and we're seeing often a lot of retirement accounts traditional IRAs Roth IRAs 401ks 403 B's and also life insurance and annuities we're seeing a lot of kind of by default those assets being payable to the estate because either no primary or no secondary beneficiaries were designated and we really don't want retirement account assets being payable to an estate it triggers adverse income tax consequences and so really important there to you know make sure you you cover those reasonable contingencies that's number four of our five good morning to you David W nice to have you Dida is what is what I'll call you David W so d dubgame morning nice to have you on the chat today alright and my fifth and final common mistake that gets overlooked in estate planning don't disregard it right right when I say it for reasons I'll tell you about fifteen or twenty seconds later is the whole disregard for taxes and the quick note on that is I'm not talking about just the estate and gift tax that most people won't have to deal with because we have this eleven point five eight million dollar estate tax exemption I'm not talking about that yeah the wealthy people and you know maybe one out of five hundred out there watching this live or watching a recording will actually have an estate tax burden under our present estate tax structure but I'm not really talking when I say taxes I'm not really talking about the estate and gift tax that's usually the the first words out of the individuals mouth or the financial advisors mouth of when taxes are brought up in an estate planning concept I don't have to worry about that I wish we had that problem it's a nice problem to have we'll never have that much I'll call you back when I the lottery bla bla bla bla bla bla that's the whole estate tax related to estate planning another income tax capital gain tax that affects everybody with taxes here in a minute but we do got some live chat so I'm gonna get right to it we D dub says we only have one child can he be the executor the trustee and beneficiary yes no prohibition on him being all of that you can leave everything to that child you can set up a trust and that child is the beneficiary he's the trustee when you and your spouse pass away he's the executor of your will or your poor over will or your or your conventional will so he can fill all of those roles you don't have to get any other person involved he'll probably also be the what's called the agent on you and your wife's powers of attorney you'll name each other first and your child as the alternate agent on your powers of attorney so all of those roles he he can and should fill many parents with one adult child have no reason to get anybody else involved in administration of the estate both during your lifetime or when you pass away this per stirpes bypass your child's spouse yes so it generally means I leave my estate i name as my beneficiary whatever you want to call it I leave it to my child or my children per stirpes what that means is if a child predeceases then when you die that the pre deceased child's share will go to the pre deceased child's children and so does it bypass your child spouse well if all of that happens and it goes to your child's children and if those grandchildren who are now inheriting if they are minors then your deceased child's spouse who may very well be the parent of those grandchildren will likely control the grandchildren's inheritance until the grandchildren reach the age of majority so if you even want to eliminate that possibility then you probably need to designate that things will go in a trust for the grandchildren then you designate some other trust keep them coming deed up one more question if we put our home in a trust six years ago and sell it today and buy a new home does the fine okay so if you put any asset in one of these irrevocable trusts but a very good question we get it often you put your house in a trust you you put your if you have rental property you put in a trust you put investments you know publicly traded stock in a trust and but we're gonna stick to your question deed up six years after you put your house in a trust you decide you know what it's it's time to spell and buy a new home so six years after you put that house in and your trust then it's sold inside of the trust the check at the closing is payable to the trust that check is deposited into a trust account that either already exists or you create at that moment and then you use those funds and have the trust purchase a new home inside of the trust so no that doesn't trigger any new five year period what would triggered the sets into the trust but the selling of trust assets and the buying of trust assets inside the trust that's not an uncompensated transfer that doesn't create any new five-year penalty period now what you know some people do is they just kind of forget and then they put the money in their bank account and then they buy the new house in their name and then they've got to put that in their trust just make sure you you you do it as I mentioned a moment ago and which is really the way you have to do it if you just kind of follow the money trail all right good question their deed up Bridgette what about a biological child that was adopted out but or mother married my father not a half-brother he was legally adopted by my grandparents and inherited from man when I'm on these YouTube live presentations I'm kind of ramped up and so it's hard for me to concentrate on those questions let me give it a shot biological child adopted out before mother married my father so mother had a child gave it up for adoption mother married father not a half-brother he was legally adopted by my grandparents and inherited from them at my expense loss all right so it's a state law issue so I'm gonna say in our state not necessarily the rule in your state Bridget would love to hear where you live but if a mother has a biological child that she gives up for adoption and if mother and let's say you know mother dies years later if mother doesn't have a will then that child inherits and so the child gets to inherit from the mother and the the adoptive parents now mother could you know has the ability to leave assets to whoever he or she wants to so that that if nobody has a will scenario don't think you're locked into that so anyway just a quick answer to your question Bridget and I don't get I don't know the whole backstory but looks like some things happened and as you say it your expand cirat your loss so I wish you well there M Shrestha great name there does a trust need to be amended if we moved to another state even if the assets are the same not necessarily good question so many people will form a trust in while they live in a state they ultimately decide to move out of that state they go they move they live in another state gave this advice maybe yesterday or the day before that doesn't necessarily mean that things need to be changed you need to set up any kind of new trust because you moved to another state but moving to one of those states is one of those family circumstances where it's probably a good idea to get in touch with somebody like me who lives in that new state show them what you have talked about what your objectives are and just make sure that no amendments are necessary based on some particular or peculiar state law that may exist either in the old state or in the new state so maybe nothing needs to be changed I can certainly tell you that if you have a trust in one state and move to another state just the moving doesn't invalidate that trust that you originally created that's not the case but you know different states have different rules and based on what your objectives are things should be reviewed it's it's simple enough to get them reviewed and get some advice on whether things are good like they are whether some amendment may be necessary to accomplish what you're trying to accomplish or maybe even more than that so so get that check out checked out you're welcome to eat up great question yes I agree all those questions are great question I've got to tell you the live chat the questions in the live chat I thought moving into day 20 I was like well I hope somebody's watching and if they're if somebody's watching and if they throw stuff into the live chat I hope it's just not a bunch not a bunch of garbage being thrown and negative Nellie's and all that in my church had amazing amazing contributions in the live chat that have really taken these things to another level so great job everybody in that all right so I got to go back to what and you know what many is kind of a dry topic but it's an important one woman my fifth common mistake but thanks for all series there Ruggles trust for me and all the don't feel comfortable Oh fantastic good to hear that great to hear from you there Dugan I guess is the way I pronounce it okay so I did want to get back to number five because it's often overlooked it's a common mistake the whole tax stuff with estate planning and yes like I mentioned ago one out of five hundred of you or something like that will have a state tax consequences but for the 499 who don't and I've got to tell you our estate tax it's going to affect more people in the future unless they change it because these this this eleven million dollar exemption that we have it's just going to fall off of the books hello on January 1st of two in 26 most of the people listening to this YouTube live presentation are gonna still be around in 2026 that's just five and a half short years from now so you're gonna the estate tax exemption will be cut in half if there is no you know congressional action so that means that people even with a and I know this is a lot of money but people with a three or four million dollar estate may need to be preparing now for for that estate tax exemption that will be roughly five million dollars adjusted for inflation I'm gonna call it six million dollars in two thousand twenty six so particularly if the first spouse dies I did a video in the past on what's called the portability election so when I married person dies a surviving spouse even though they're not required they may want and may be able to benefit their family by filing an estate tax return making these elections to really increase the amount of the estate tax amount of the estate that can be left to the heirs or children when the surviving spouse dies check out one of those videos if you want to know more about portability all right and then I'm gonna go into the whole income tax and and I got I got I got something to say about kind of how the government this year has arranged or income tax to be paid and this kind of bonus that they're giving people this year and how it's coming back to bite people I'm gonna talk about that in just a second and it really kind of irritates me a little bit I'll get to that in a minute Slumdog with a third party special needs trust accumulation is it still possible to stretch distributions over the beneficiary's lifetime assume they qualify under secure act as having disability yes if they got a per happenin be a conduit trust and I've done on accumulation truss and conduit trust well either one brie is one of the exceptions under the security which ordinarily requires people to non spouses to take beneficiaries and take out all that money and pay the income tax within 10 years from the date that the IRA owner died there's some exceptions if and again being disabled is one of them where the disabled person can use their life expectancy and they don't have to take it all out within 10 years they can use their life expectancy and take distributions over their lifetime so yes you if it's a see-through trust then you look through the trust and I've done some other videos on that to look at the beneficiary who is that disabled person and yes distributions will be able to be taken over that disabled person's life expectancy this so that's just another really good example of a fantastic question that we're getting in the live chat just really really good okay so going back to how the income tax and capital gains tax consequences are overlooked let me get into that and let me get give you my kind of beef here there's a lot of income tax consequences to estate planning the general rule is yes if you leave a bank account if you leave a home if you leave shares of stock to an individual as an inheritance in general and inheritance is free of income tax but that doesn't mean estate planning doesn't have income tax consequences a lot of people out there their largest financial asset is their traditional IRA or their 401k with their employer and so there's income taxes just as well just asked about and I responded about the whole name individuals if they're date you name a trust as a beneficiary of so how does that affect the income tax distributions Paul's in here looks like we've got a we had an unstable connection so I'm back and so all new rules with a secured act it used to be all all non spouse beneficiaries could take distributions over their life expectancy no more we have this ten-year requirement that's a piece of it the capital gains tax consequences I'd say 99% of married couples who go through this estate planning exercise the whole concept of a double step up and basis doesn't even get suggested to them they don't know about it the advisers don't know about it but again it's one of those educated decisions that has to be makes because if the first spouse to die whose assets to get a step-up in basis which means appreciation goes untaxed ever if the first bastard I leaves assess a certain way for the surviving spouse then it doesn't happen all the time the first spouse to die often especially under our old estate tax system the first bastard I never wanted the first spouse - dies assets to be lumped into the estate of the surviving spouse because they didn't want the first Belle's first spouse - dies assets to be included in the surviving spouses estate first date tax purposes now with the state in the state tax that doesn't affect as many people we want the first spouse to dies assets to be included or lumped into the estate of the surviving spouse so that all of those assets get another step-up in basis for tax purposes when the surviving spouse dies I know that's a mouthful you may need to watch it again you may need to go back and look at other videos but double step up and basis probably something worth looking into if you're a married couple and you have assets that have appreciated and you would like your future survivors to not have to pay any tax when they sell your family home after you die when they sell investments that you've you know kept and saved over there over your lifetime so okay and then just a kind of a non estate planning related question just kind of a warning out there something I've realized a few weeks ago with all of the these bonuses that the government and the Treasury Department is giving us taxpayers particularly if you're a business owner there's going to be a date on July 15th coming in a couple of weeks that's that's really been creeping up on people because under the old rules you know a person particularly a business owner but anybody would pay their taxes on the previous year for 2019 on April 5th 15th of 2020 and then at that point they pay their first estimated tax for 2020 and then in June they pay their second estimated tax for 2020 well you know Congress has postponed all of those deadlines so here up on July 15th that's the deadline for taxpayers to pay the tax on their 2019 taxes and and the Treasury Department postponed when the first two estimated tax payments are due for 2020 instead of one being due in April and one being due in June they pushed those back to both being due in July and many business owners do not have the revenue in 2020 that they had in 2019 and their 2020 estimated tax payments are made based on what they made in 2019 so you got in July 15th tax due for 2019 and the first 2020 estimated tax payments based on what was earned at 2019 there's gonna be a lot of business owners that are just not going to be able to make those payments on July 15th so I'm expecting some fallout from that I haven't seen any of that in the media but it's probably coming okay so we talked about the income tax we talked about the capital gains tax maybe there's even property tax issues related to estate planning depends on your state whether you're making transfers of assets and and so property tax can be an impact in what you've done here looking at my final notes on a Index teleprompter here so you might want that so anyway there you have it and now it's time to really wrap up our last and final twentieth of twenty YouTube presentations in 20 days in the year 2020 what what I really am excited about is these presentations and the chat and all the questions and all the great contributions there will there will forever be a permanent record in YouTube of all of these presentations so they will they will never they'll never go away the participation and the has been just really kind of fantastic here I feel like I've made some new friends whether that's wrong or or all the others who have contributed you know just on the screen here we've got David slim dole Bridgette got people in Louisiana I got people in different states we even have some people in countries other countries besides the United States being a participant so we're gonna go from here I will tell you I'm looking forward to even bigger and better things our haven't exactly defined what I'm going to do if you've got some suggestions I'll be happy to listen you can throw them in the lab shot you can throw them as a comment to any video on my youtube channel but I think I have a better idea after 20 days of what kinds of things do people feel like they need some you know a lift from because just by looking at all the questions in the live chat and being able to find out what's on your mind they're my number one goal with this YouTube channel is just to educate as many people as possible and and over almost well oh yeah over almost four years now just we've seen the graph just kind of do this and start going up I know that in my first year of this YouTube channel and I hate to focus on the statistics but I had my channel gained seven subscribers in the first year and now we're three and a half years into it and we have over 6500 subscribers to this channel I think in my first year I had maybe a thousand views of different videos that I've made and now it's over six hundred and thirty thousand views of all the various videos that I made so I'm really pumped up about that and I know it takes a lot of work to increase that momentum so again I want to thank everybody for contributing Alex thank you for your participation Johnny good I like that the more scenarios that us normal people can relate to but I got to tell you Johnny I've got something going on that makes them a little something other than normal all right got a first got a UH from les Leakey and I haven't seen that name before thanks for the presentations gives you lots to think about the impressed anura regular thanks so much for all your very informative videos great to have you on the live chat on a almost daily basis so again I feel like I've got some new friends here hopefully we can keep the dialogue going in the future this by no means as the last you've heard for me just the beginning I get a lot out of it y'all go out take care we'll see you down the road
