Managing your financial life is not just about money.

What you need to know about Estate Taxes

We had another great radio program this past weekend with Attorney Eric Oalican of Oalican Law Group. I wasn’t sure if it was possible to make Estate Tax Planning fun, but Eric did it.  I guess fun for me is different than fun for most people, but regardless it was an informative and entertaining show. As Eric and I discussed, if your net worth at death is over $1 million in Massachusetts, you will have an estate tax liability. If you want to avoid/minimize/deal with it, there are options. Eric explained (in simple, non-lawyer-y terms) gifting strategies, life insurance strategies, and Credit Shelter Trusts. We even drew some pictures! Eric walked me through how the Credit Shelter (aka “A. B”, aka “Marital/Family”) Trust works, and how it can shelter up to $1m ($2m for a couple) from estate taxes at death.  Don’t consider this diagram legal advice please!  You should never take legal advice from someone who isn’t an attorney.  But it’s a nice visual and an example of how Eric explained things in plain English!   Check out our full podcast on podbean, on our website, or on your favorite podcast app.


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