Acting as a Fiduciary with Tax Agencies Double Estate Tax Exemption Expiration & Pour Over Wills

Welcome to the⁠⁠⁠⁠⁠⁠  @plannedsolutions  ⁠⁠⁠⁠⁠⁠Incorporated Podcast. In this episode we discuss how in an effort to safeguard taxpayer financial information, the IRS has made it more difficult for taxpayers and their appointed professionals to access information stored by the IRS. This is especially true after a taxpayer has passed and a fiduciary has become responsible for their income taxes and the taxes owed by a trust or estate. Therefore, it is important to complete the proper forms and submit them to the proper agency to gain access to needed tax records. Also, The Tax Cuts and Jobs Act of 2017 is set to sunset at the end of 2025. One of the provisions of the Act that will expire at that time is the double estate tax exemption equivalent which doubles the amount that an individual can shelter from estate and gift taxes from roughly $7 million to $14 million. Therefore, some people may find that estate and gift tax planning could become a greater consideration in the coming months. As well, The often-overlooked part of an estate plan is the Pour-Over Will. Basically, a Pour-Over Will is a catch all that captures any assets that were not reregistered to the trust and do not have beneficiary designations. The Pour-Over Will makes sure those assets are transferred to the trust so they are not orphaned in the estate settlement process. However, Pour-Over Wills do not have the same benefits of a trust as the assets transferred do not avoid the time and cost of probate. Plus a look at the Planned Solutions Incorporated Office Bulletin Board - The summer months have come to an end and therefore we at Planned Solutions are saying goodbye to our summer interns. Both Carter and Matt are returning to college for their senior years with Matt returning to Corvallis, the home of the Oregon State Beavers, and Carter leaving for a study abroad semester in Thailand through Sacramento State University’s International Exchange Program. The Harlan D. Wood and Debbie Druivenga Memorial Cancer Charity Golf Tournament Date: Friday, October 11, 2024 Location: Rancho Murieta Country Club – North Course 7000 Alameda Drive Rancho Murieta, CA 95683 Time: 1:00pm shotgun start, 5:30pm dinner All profits go to cancer research and education. You can help by attending the tournament or donating. Not golfing? Bring friends and attend the dinner. To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail ⁠⁠⁠⁠⁠⁠[email protected]⁠⁠⁠⁠⁠⁠ The Personal Finance Review is published and distributed biweekly by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Chase Armer's book- Financial Planning Insights is now available at: ⁠⁠⁠⁠⁠⁠⁠https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279?ref_=ast_author_mpb⁠⁠⁠⁠⁠⁠ Intro 00:00 Acting as a Fiduciary with Tax Agencies 01:44 Double Estate Tax Exemption Expiration 11:03 Pour Over Wills 15:50 Bulletin Board 21:48 Planned Solutions, Inc. ⁠⁠⁠⁠⁠⁠https://www.plannedsolutions.com/⁠⁠⁠