Portability, Pitfalls, and Protecting Your Estate from Big Mistakes
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Portability, Pitfalls, and Protecting Your Estate from Big Mistakes
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About this listen
Estate planning rules can be complex and costly if you miss a key step. In this episode, Don explains how recent changes to the estate tax exemption could impact your legacy, and why the term “permanent” in Washington rarely means forever. You’ll learn about the important concept of portability (preserving your late spouse’s unused estate tax exemption) and why filing the right form, even when no tax is owed, can save you millions.
Here’s some of what we discuss in this episode:
💰 Understand new estate tax exemption limits
🔄 Learn how portability works (and why deadlines matter)
🏦 Avoid costly filing mistakes that can erase tax savings
📉 Real case: $1.5M lost due to one oversight
📝 Key documents every 18+ year-old should have
The pros and cons of portability –
https://taxschool.illinois.edu/post/pros-and-cons-of-portability/
The Wall Street Journal Article - $1.5 million portability mistake
https://www.wsj.com/personal-finance/taxes/estate-taxes-portability-planning-mistakes-26111632?st=AbePZ6&reflink=desktopwebshare_permalink
Get in touch with Don and learn more: https://doncashpodcast.com/