If you want to help your children financially without triggering unnecessary taxes or IRS headaches, Daniel the CPA explains how to do this in the smartest, most tax-efficient ways.

We cover the annual gift tax rules, common mistakes retirees make misunderstanding step up in basis, how gifts can impact your overall tax picture, and the strategies CPAs use to transfer wealth while minimizing taxes. If you’re thinking about helping your kids with a home, education, or everyday expenses, this interview will help you avoid costly errors.

Daniel Astleford is a Certified Public Accountant (CPA) and runs his own accounting firm.

HERE IS WHERE TO FIND DANIEL:

Website: https://danielthecpa.com/

LinkedIn: https://www.linkedin.com/in/daniel-astleford/

OTHER VIDEO WITH DANIEL:

https://youtu.be/G1Dc6gVv90g

OTHER RELEVANT VIDEOS:

https://youtu.be/zjrbXScvmDA

https://youtu.be/nkFQmsdCW-I

The Retirement Nerds:

⬜️ Join The Retirement Nerds circle here - https://theretirementnerds.com/

⬜️ Join the Monthly Retirement Nerds Newsletter here - https://theretirementnerds.com/newsletter/

⏱ Timestamps:

00:00 Intro

01:30 Individual Annual Exclusion

02:54 Tax on Funds Used as Gift

06:09 Gifting Cash vs Other Assets

09:39 Gifting Real Estate

13:42 Education Expenses

15:49 Medical Expenses

16:34 The Death Tax

20:50 Where to Get Help

PLEASE NOTE:

This video is for education purposes only.It does not constitute legal or tax advice for your specific situation.

Estate Planning expert Jim Burch explains who doesn't need to worry about setting up a trust as well as the 5 benefits to setting up a trust for those who would consider this as part of their estate plan.

Jim Burch is the owner of Easy Legal Planning. He is has been helping families put together their estate plans for over 20 years and you can reach him at EasyLegalPlanning.com or service@easylegalplanning.com

He explains:

▫️Who doesn't need a trust, but should still think about their plan

▫️The 5 benefits of a trust vs a will

▫️How to go about setting up a revocable living trust.

Important Links:

▫️Estate Planning 101 Video

https://youtu.be/nkFQmsdCW-I

⏱ Timestamps:

00:00 Intro

00:15 Who Doesn't Need a Trust

01:26 Trust vs Estate Plan

1:52 Why A Trust Does Make Sense

3:05 Avoiding Probate

6:45 Privacy Concerns

8:27 Control Over Estate

12:45 Plan A, B, & C

17:05 Organization and Ease

20:22 Where to Get Help

The Retirement Nerds:

⬜️ Join The Retirement Nerds circle here - https://theretirementnerds.com/

⬜️ Join the Monthly Retirement Nerds Newsletter here - https://theretirementnerds.com/newsletter/

PLEASE NOTE:

This video is for education purposes only.It does not constitute legal advice for your specific situation.

CPA and tax expert Daniel Astleford shares a simple story of a retiree who got spooked by the news and decided to pull all retirement investments. This triggered a steep and expensive tax bill for this individual who used the money and didn't share what they had done with their advisors. When the tax man came calling, they didn't have enough to cover their tax liabilities.

Daniel Astleford is a Certified Public Accountant (CPA) and runs his own accounting firm.

HERE IS WHERE TO FIND DANIEL:

Website: https://danielthecpa.com/

LinkedIn: https://www.linkedin.com/in/daniel-astleford/

He explains:

▫️Why listening to the wrong people can cost you thousands

▫️Basic tax planning tips

▫️How a tax professional can plan and help you keep more of your money

▫️What working with a tax professional looks like.

⏱ Timestamps:

00:00 Intro

02:04 Building a Team Around You

03:52 The Big Retirement Mistake

06:38 The Tax Consequences

11:36 It Could Have Been Reversed

12:52 Silent Destruction of Finances

15:40 Strategy 1: 3-Year Plan

19:06 Strategy 2: 4-Year Plan

21:32 When a CPA Makes Sense

27:34 Where to Get Help

The Retirement Nerds:

Join The Retirement Nerds circle here - https://theretirementnerds.com/

Join the Monthly Retirement Nerds Newsletter here - https://theretirementnerds.com/newsletter/

Disclosure:

This podcast is intended for informational purposes only, and is not a substitute for personal advice from Daniel. Please consult with your legal or tax professional for advice prior to implementing any strategies discussed during this podcast.