In part two of our series with estate attorney Jon Linford, we dive into crucial estate planning considerations as we approach the 2026 sunset of the Tax Cuts and Jobs Act. The primary focus is on the significant changes to the estate tax exemption that will occur when the current law sunsets, reducing the exemption from $13.6 million per person to an estimated $7 million.

We discuss the implications of this change and the urgency for individuals to update their estate planning strategies. Jon Linford explains that the estate tax is a substantial 40% on amounts above the exemption, making it critical for those with sizable estates to act before the exemption decreases. With the upcoming elections and potential legislative changes, uncertainty looms over what the final tax laws will be. However, Linford emphasizes that waiting until 2025 to begin planning could be too late, as advanced strategies like gifting or setting up irrevocable trusts require significant time to implement.

Bruce highlights his recently published book, "Moving to Tax-Free," which introduces the concept of a two-generation tax-free legacy plan. This strategy involves using a revocable trust that becomes a dynasty trust upon the parents' passing, protecting assets from lawsuits, divorce, or bankruptcy while potentially providing tax-free income to beneficiaries. Jon Linford elaborates on the flexibility and protection these trusts offer, ensuring that the legacy left to children is secure and adaptable to various circumstances.

Estate planning is not one-size-fits-all. Every situation is unique, and having a professional team in place is essential to create a plan that fits individual needs. Jon Linford urges listeners to be proactive in their planning to avoid leaving a burden on their loved ones.

Contact info for Jon Linford and Morris Trust: https://morristrust.com/

Phoenix: 602-249-1328

Northern Arizona, 928-774-0333

For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit them online at https://www.hoslerwm.com/

Or call them in their Prescott office at (928) 778-7666 or their Scottsdale office at (480) 994-7342.

For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/

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