January 21, 2025

Avoiding Costly Mistakes in Your Estate Planning with Dahiema Grant

42 minutes

Ever wondered if there’s a secret recipe for reducing your tax burden without sacrificing your long-term financial health? Could your estate planning be leaving money on the table? In this episode of Financially Ever After, Stacy Francis is joined by the brilliant Dahiema Grant, CPA and tax expert, to unravel the intricacies of tax planning and estate strategies. From the basics of income taxes and capital gains to the more complex topics like estate taxes and inheritance planning, Dahiema walks us through strategies that can help you optimize your financial future—whether you're a female entrepreneur or someone navigating personal tax scenarios. With practical advice and a clear focus on the green zone of financial health, Dahiema ensures that you don't have to do it alone when it comes to taxes and estate planning.

You'll hear them discuss:

How understanding tax planning can make a huge difference in your financial future, particularly the difference between income taxes, capital gains, and how each affects your investments. Dahiema explains how proactive planning can help reduce your overall tax burden and maximize your wealth.

The importance of estate and inheritance tax planning, and why it’s crucial to understand how your estate will be taxed when it’s passed down. Even if you think your estate is far from the $13.6 million threshold, Dahiema reveals why filing an estate tax return may still be beneficial to capture exemptions that would otherwise be lost.

The "portability provision," which allows the surviving spouse of an estate to use the unused portion of the deceased spouse’s estate tax exemption. This little-known rule can provide a significant benefit by increasing the amount a surviving spouse can pass on tax-free, potentially saving millions.

How different states have vastly different estate tax rules and exemption limits, and why it’s critical to be aware of these when making estate planning decisions. Dahiema highlights examples like New York’s lower exemption levels and explains why some people choose to relocate to states with more favorable tax policies, like Florida.

Why building a team of professionals—including an accountant, tax advisor, and financial planner—can make all the difference when navigating the complexities of taxes, estate planning, and wealth management. You don’t have to go it alone, and Dahiema emphasizes the value of having the right support system.

The strategy of gifting assets during your lifetime to reduce your taxable estate. Dahiema discusses how this can be a powerful tool, especially for those concerned about estate taxes, but also explains how to balance gifting with the need to maintain financial security for yourself.

Resources

Dahiema Grant on LinkedIn I Web

Email: [email protected]

Phone: 914-380-8462

Stacy Francis on LinkedIn | X(Twitter)

Email: [email protected]

FrancisFinancial.com

Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!

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