So today in this video, I’ll tell you the real cost of all this stuff, and how can save on taxes, and also make sure your family doesn’t have to borrow money after your gone.

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1. Funeral
– This can cost upwards of $7,640
– And end off life expenditures you can expect to pay somewhere around 11,618 ( medical cost and paperwork )
– Depending on the state you die you can save money ( cheapest being Missisiipii (18k) and the most expensive being you guessed it California(29k) Second and Hawaii(42k) first I know I was surprised too )

How to Save for this:
– You can actually prepay for this cost ( but it’s not a good idea because of inflation and it’s a bad investment )
– It’ll probably be better to just get term life insurance ( before some policies actually help with this cost)
– And me being younger right now, I’ll be getting a policy for 20-30 years max – ( same if your older, get term life insurance it’s 10x cheaper than whole life)

2. Estate Taxes and inheritance taxes ( 1 in 700 of you watching this video)
– An estate tax is if you are worth a certain amount of money after you die you may be subject to a federal estate tax or state estate tax ( this could be a lot of money usually 17% but could go as high as 40%)
– But thankfully you only pay it if your estate is worth more 11.70M by the time you die and 99.99% of estates are not worth that much
– And if the estates are transferred to a spouse or direct descendence, then rarely do you have to worry about it

However: 12 states have their own estate taxes, 6 have inheritance taxes and only two have both
– So imagine if you don’t set this stuff upright
– And then being taxed both at the federal level and state level
– When Michael Jackson was gone, his estate was taxed around 702M
– However Sam Walton the creator of Walmart avoided a lot of these taxes by being very clever about it and hiring professionals

Part 2 is INherentance Tax
– This is the money the people who inherit your wealth will have to pay ( have you ever thought about how many times you get taxed on the same money )
– You get taxed when you work for it, when you buy something when you make more, and even when you pass away and if don’t use the money you’ll get hit with inflation
– Big way to avoid this is to transfer assets before you pass away or set up a trust

3. Things you can do ( the loop Holes as they call it )

– Speak to an estate planner
– Get a will and potentially a trust to shield your asset from these taxes
– Inherited capital gains tax loophole ( stock, properties, and more)
– Estate tax loophole ( Walton ) – they saved billion through trust and by giving assets before they appreciated
– Get a life insurance

Tip: name your beneficiaries to avoid the money being lump up with the rest
Estate tax loophole Walton

Story: I knew a guy that still had his ex-wife on his documents as the beneficiary ( although he had a new wife and kids)

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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