PODCAST | What You Need to Know About Inheritance and Estate Taxes

Published on: 02/12/2024 By: Gorfine, Schiller & Gardyn

In this Gorfine, Schiller & Gardyn podcast interview, Melissa West, Director of Tax Services at GSG, discusses everything you need to know when it comes to inheritance and estate tax laws.

With the “great wealth transfer” upon us, it is estimated that approximately $72 trillion of assets that baby boomers are sitting on will eventually be passed onto their heirs. In addition to the transfer of significant assets, there is much more to know when it comes to inheritance and estate taxes.

In this podcast interview, Melissa West breaks down everything you need to know on these tax laws. Following are key highlights from the interview:

  • The difference between to estate and inheritance taxes, and the basics for each. (:30)
  • Common misconceptions about these tax laws, and how Millennials and Gen Xers can avoid these pitfalls when planning their estates. (2:30)
  • Specific strategies or tools that younger generations should consider to minimize the impact of inheritance taxes. (3:15)
  • How the inheritance tax landscape changed over the years, and an update on recent legislation. (4:20)
  • Non-tax aspects that Millennials and Gen Xers keep in mind when planning their estates to ensure their wishes are carried out. (6:03)

We would like to thank Melissa for sharing her insights with us. Please contact GSG here to learn more about how we can help you best manage the complex estate and inheritance tax landscape.

Categories: , , ,