Description
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In this video, Clint Coons, Esq. explains why many surviving spouses pay significantly more in taxes after the death of a husband or wife—even when their income decreases. Learn why this hidden tax increase, often called the "widow's penalty," catches families by surprise and what can be done to reduce or avoid it.
Learn the five biggest tax traps that affect surviving spouses, using real-world examples and easy-to-follow calculations to show exactly how these costs add up.
If you're married, approaching retirement, or planning your estate, this video will help you understand the tax consequences a surviving spouse may face and the proactive planning strategies that can help protect your family's wealth before it's too late.
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Show Notes:
0:00 Intro
2:21 Problem #1: The Widow's Penalty
3:55 Why Surviving Spouses Pay More Tax
4:44 How to Reduce the Widow's Penalty
6:23 Problem #2: Step-Up in Basis Explained
9:36 Community Property Trust Strategy
10:27 Problem #3: The Retirement Account Trap
11:39 Problem #4: Probate & State Estate Taxes
13:07 How a Living Trust Can Reduce Estate Taxes
15:22 Using Trusts to Preserve Estate Tax Exemptions & Problem #5 The State Death Tax
17:00 Outro
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For financial strategies, podcasts, articles, and details on upcoming workshops, visit https://aba.link/clintaba
Here’s a little about me and my book Asset Protection for Real Estate Investors
https://aba.link/clintbio
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CONTACT US
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ABOUT CLINT COONS
Clint Coons, Esq. has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as financial, investment, or legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#EstatePlanning #TaxPlanning #RetirementPlanning