Client & Payment PortalUnlocking the Secrets of Wealth Transfer: Estate and Gift Taxes Explained
In this episode of TFE Talks, host Jordan Goewey welcomes David Thompson as the pair provides an overview of the estate and gift tax system in the United States. Jordan and David cover how these taxes function as wealth transfer mechanisms, discuss current exemption amounts, and highlight the importance of estate planning. The conversation also covers potential future changes to exemption thresholds and the significance of staying informed. Listeners can gain actionable advice on managing wealth transfers and the necessity of consulting with estate planning professionals to navigate the complexities of these tax laws effectively. Don’t miss this episode.
Notes:
Topics in this conversation include:
- Welcoming David and Previewing Today’s Topic (0:32)
- Overview of Estate and Gift Tax System (1:26)
- Wealth Transfer Tax Explained (00:02:15)
- Gift Tax and Exemption Usage (5:39)
- Qualified Educational Expenses (8:07)
- Medical Expenses Exemption (9:44)
- IRS Tracking of Gifts (11:22)
- Future Concerns About Exemption Changes (14:21)
- Advice for Estate Planning (18:07)
- Final Thoughts and Takeaways (19:23)
TFE Talks: Navigating Wealth, Business, and Legacy is the official podcast from Thomas, Fisher & Edwards, a premier estate planning and business advising law firm in Greenville, South Carolina. Each episode, our attorneys break down complex legal topics—covering estate planning, business strategy, and legacy building—into clear, actionable insights. Whether you’re refining a plan with our team or preparing for the future, this podcast serves as your go-to resource for thoughtful, strategic planning. Tune in for guidance that helps you protect what matters most. Learn more at www.tfelawfirm.com.
The information provided in this podcast is for general informational purposes only and should not be considered legal advice. Listening to this podcast does not create an attorney-client relationship with Thomas, Fisher & Edwards or any of its attorneys. Laws and regulations vary, and legal matters are highly fact-specific. For personalized legal guidance, please consult with a qualified attorney.