In this episode of Senior Living Straight Talk, host Pam Fultz, Senior Community Relations Manager at Vi, welcomes back Ed Wollman, Estate Planning Attorney and Founding Partner of Wollman, Gehrke & Associates, P.A. Ed shares critical updates on estate planning and wealth transfer laws that will take effect in 2026, providing practical strategies for individuals and families looking to protect and preserve their wealth. He emphasizes the importance of proactive planning in light of new legislation, including the significant "OB3" bill.

Listeners will gain insights into tax exemptions, charitable giving techniques, trust revisions, and the shifting landscape of income tax planning. Ed offers expert advice on how to adapt strategies now before the end-of-year deadlines, ensuring clients can maximize benefits before potential changes in the law.

In this episode, they discuss:

• Key provisions of the OB3 (One Big Beautiful Bill) legislation impacting estate and gift tax laws
• Increased estate and gift tax exemption limits and what they mean for individuals and couples
• The strategic role of Qualified Charitable Distributions (QCDs), bunching strategies, and Roth conversions
• Updates to trust planning, including step-up in basis and general powers of appointment
• Benefits of charitable lead trusts and charitable remainder trusts in estate planning
• Why income tax planning is now as crucial as estate tax planning
• Asset protection strategies using irrevocable trusts

Memorable Quotes:

• "Permanent doesn't always mean forever when it comes to tax law. Now is the time to plan."
• "If your accountant doesn't know what a QCD is, run to another accountant."
• "Charitable planning isn't just about giving—it's about giving smart."
• "The best defense to getting punched in the face is not being there in the first place."

Resources:

• Estate Planning Audit, OB3 Special Report, and upcoming newsletter: https://www.probate-florida.com/
• Find out more about Vi Living at our Website: https://www.viliving.com/

Hosted on Acast. See acast.com/privacy for more information.