In this podcast episode, Chad & Rob cover the topic of gifting to family and charity for year-end tax planning. Chad emphasizes the importance of doing a long-term cashflow projection and considering the potential taxes that need to be paid when drawing from retirement accounts. Burton explains that individuals can gift to as many people as they want, but exceeding $17,000 to a single person requires filing a gift tax return. He also discusses the estate tax exemption and how gifting can help reduce the taxable estate.

Timestamps:

[00:01:52] Gifting rules and tax implications.

[00:03:48] Gifting to reduce estate tax.

[00:07:37] Setting up spousal lifetime access trusts.

[00:11:11] Health and fitness advice.

[00:14:39] Giving from IRA to charity.

[00:17:59] Donor-advised fund.

[00:21:01] Tax deductions for charitable giving.

[00:24:29] Charitable remainder trust and donor advised funds.

[00:29:08] Tax loss harvesting.

[00:32:39] Lower taxes for longer.

[00:34:06] Accumulating wealth and financial planning.

Email your money question to chad@chadburton.com

Call 1-888-762-2423 for Wealth Management and Financial Planning services or visit www.ChadBurton.com

In this podcast episode, Chad & Rob cover the topic of gifting to family and charity for year-end tax planning. Chad emphasizes the importance of doing a long-term cashflow projection and considering the potential taxes that need to be paid when drawing from retirement accounts. Burton explains that individuals can gift to as many people as they want, but exceeding $17,000 to a single person requires filing a gift tax return. He also discusses the estate tax exemption and how gifting can help reduce the taxable estate. Timestamps: [00:01:52] Gifting rules and tax implications. [00:03:48] Gifting to reduce estate tax. [00:07:37] Setting up spousal lifetime access trusts. [00:11:11] Health and fitness advice. [00:14:39] Giving from IRA to charity. [00:17:59] Donor-advised fund. [00:21:01] Tax deductions for charitable giving. [00:24:29] Charitable remainder trust and donor advised funds. [00:29:08] Tax loss harvesting. [00:32:39] Lower taxes for longer. [00:34:06] Accumulating wealth and financial planning. Email your money question to <a href="mailto:chad@chadburton.com" target="_blank" rel="noopener">chad@chadburton.com</a> Call 1-888-762-2423 for Wealth Management and Financial Planning services or visit <a href="http://www.chadburton.com/" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=http://www.ChadBurton.com&source=gmail&ust=1616098767834000&usg=AFQjCNFfULnZ0w5Fo43h-WqtNmVqM4Mw-Q">www.ChadBurton.com</a>

Rob Black and Certified Financial Planner, Chad Burton, discuss important financial planning and wealth management issues. If you want to learn how to plan for retirement and do a better job managing your investment portfolio... this is the show for you.

Rob Black and Certified Financial Planner, Chad Burton, discuss important financial planning and wealth management issues. If you want to learn how to plan for retirement and do a better job managing your investment portfolio... this is the show for you.

New Focus on Wealth with Chad Burton

Filtering through the “noise” on Wall Street and pointing out the current market issues and news stories that truly affect your path to retirement. Sponsored by EP Wealth Advisors.

Filtering through the “noise” on Wall Street and pointing out the current market issues and news stories that truly affect your path to retirement. Sponsored by EP Wealth Advisors.

New Focus on Wealth

New Focus on Wealth with Chad Burton, CFP®