How to Avoid Tax on Inheritance

Do you offer classes for Spanish speakers?

Question... my dad was in the military, died 100% handicapped from the war according to the VA. He bought this house at 3%. I called the VA and they told me I will have the same 3% loan as I take ownership. I asked for that in writing and they said no. Is there something I can show the mortgage company that gives me the right to hold that same percentage when I change names?

Please answer..... what would happen if no one pays taxes in the whole US?

Why should I care? I'll be dead and my beneficiaries are getting free money they didn't earn. 🤷

Thank you so much for this- going through this situation with a business (s-corp) and property held as separate entities but all currently in a trust but exploring options as we separate the entities and look at future inheritance and tax implications- you really explain complex issues for digestion by lay persons-thanks again!!

Your passion for tax reminds me of a friend (deceased) who ran a tax service and was an EA who used to tell me "He Lived for Doing Taxes". Thanks for sharing your great knowledge with us.

MASTER CLASS! Wow

How do i leave my house to my kids without them paying alot of taxes? I still dont understand 😢

Exactly, some of us do it to avoid probate for our survivors

You are so intelligent and articulate. You can tell you worked your but to be this good!!

Would you please discuss irrevocable trusts.

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Good evening! I really appreciate the effort you put into giving accurate tax advice. I was wondering if you could explain how installment sales affect taxes? In particular, what is defined as ordinary income or capital gains, etc. Thank you again!

Can I higher you? need lots of help.

Did you actually use the word “conflate” when discussing “TikTok influencers turned tax experts?” Good choice. It’s doubtful any of them will know what it means.

Hi Jasmine, I would like to know if employers are required to deduct 401K contributions on severance pay. Thank you

I'm confused 😕 😮😂

Thank you for this channel and the information you provide. Any chance you can talk about the pros or cons of a Ladybird deed?

I had an SCorp with an underlying real estate asset that had appreciated substantially. EVERY YEAR I reminded my children about an article that I had printed out, the first item in my folder of important papers. It concerned liquidation of the corporation in the same year as the asset sale. Failure to get that right can cost thousands/millions. You'll pay the gain on the appreciation in the year of sale, and the stock basis will likewise go down....So if the SCorp is liquidated in a later year, you'll have a BIG LOSS equal to that paid gain...but it will only be deductible at 3k per year (unless you have other gains to offset). In the end, the asset was sold during my lifetime, so it wasn't an issue - but my kids still joke about it.

People give assets to kids to keep the nursing home from taking them.

She left off something very important. The threshold for federal estate tax is almost $12 million. This is something that most people will never have to worry about.

Great video!! That last one was tricky and takes a lot of finesse to execute correctly! Thanks for explaining from one CPA to another!

Is there not a way for a trust or other entity to have property and such in its name, and it just stay there for the family to use in no specific person’s name. And no taxes be paid, because it’s not changing hands?

Thank you Jasmine for sharing your professional knowledge and generosity by creating a fee community.

Great video

Gifting something that has lost value and gets a step down in basis can still have an advantage later. When that asset is sold for an amount higher than the original cost basis at purchase then you can use that basis to determine capital gains. Also, if it is sold at a price between the original cost basis and the new step down basis value, then no gain or loss is recognized and the new cost basis is the sale price

Girl, what about your president trump's tariffs? Make a video of it. I'll wait for you spin it.

Why shorty low key fine?

wish you had a canadian branch that would give this type of education

so clear yet confusing

This video is informative and your breakdown of IRC §§1014 and 1015 is spot on — but one major thing stood out to me: you call out revocable trusts (rightfully) as not providing any tax benefit… but then completely leave out irrevocable trusts, GRATs, or IDGTs, which do offer powerful tax advantages when used correctly. That omission really matters. It makes it seem like there are no real strategies that achieve the narrative people are trying to express — when in reality, there are.

And by not even mentioning them, it almost comes across like you’re deliberately avoiding what actually works — which is confusing. Are you staying quiet on those tools because you don’t believe in using them? Because you think it’s too advanced for your audience? Or because you view it as skirting taxes, even if legal? I’m honestly not sure, but when valid UHNW strategies like irrevocable trusts are completely left out of the conversation, it feels less like education and more like gatekeeping.

Fyp

I love your videos. But the fact it is so complicated is the issue. We just want to keep what we earn. Keep it up.

The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.

Great info! What state are you practicing?

Well explained, but I still have no idea how to pass assets to my child

I still didn’t get it🤦‍♂️

Can you do examples with actual numbers

Like you said 100k and 50k+

So what happens when the value of the house is 600k?

How much % tax do you pay or not

I wish you would have covered tax avoidance strategies by using a bypass and a Q-tip trust within a revocable living trust.

A revocable living trust does nothing for income tax purposes, BUT it does help reduce county/city level probate taxes, real estate transfer tax, etc ... And most importantly, it allows you to skip probate.

So it's still a good vehicle to use - just not for the reason that these influencers think.

I hate tax game even more after this vid. More confused as hell. Why so complex!!? 😭

Tax lawyer in Oregon - it’s incredibly rare for anyone to need a trust to avoid federal estate tax. The federal exemption for couples is roughly $27mm.

However there are several states that have a lower state exemption amount like my state, OR. Here we use revocable trusts to assist maximizing client exemption amounts. For anything over our state $2mm exemption amount, we use irrevocable trusts to remove assets from clients taxable estate.

Dayum. I'm so in love. Lol your husband is so lucky

I think my problem is I have no idea what step up in basis means

If I inherited real estate from a revocable trust I wouldn’t pay taxes if I sold it right away because of the step up in basis, correct?

This is diabolical! It's evil to make this so complicated. I have to listen to this another 7 times to catch all the nuances. This is not a free country

Can you explain the No tax on tips, and the no tax on over time.

This information is Golden. Jasmine keeps it real. As a tax professional it’s helpful to see someone who knows their stuff and clarifies things that grifter influencers have been spewing over social media regarding taxes.

I’m retired at 47, went from Grace to Grace. This video here reminds me of my transformation from a nobody to good home, honest wife and $65,000 biweekly and a good daughter full of love ❤️

So, how do you keep your child's spouse from getting anything after you die? Adult children can make withdrawals from a trust and give it to their spouse, or sell an annuity purchased by the estate. Help!