Ever wonder what happens to your assets when you can't make decisions anymore or what happens to them when you pass away? We've got Natalie Perry, an attorney from Harrison LLP in Chicago, on board with us to make this daunting topic a cakewalk. She walks us through the concept of estate planning, unravelling how it's more than just setting up powers of attorney. Natalie, with her 25 years of experience, illuminates the intricate arrangements such as setting up trusts, emphasizing that estate planning is how you ensure your assets land exactly where you desire them to.

As we delve into the conversation, we uncover the significance of asset titling and the overlooked steps in the process. Natalie enlists the roles of executors, trustees, and agents, along with considerations for guardians of minor children. We traverse variations in estate planning across different states, discussing differences in taxes, distribution practices, and community property norms. An estate plan, as she explains, is not just a legal document, but a shield that protects from future conflicts and misunderstandings.

In the final leg of our talk, we discuss tax planning and the financial benefits that tag along with estate planning. Natalie shines a light on the federal exemption for estate taxes, currently perched at almost $13 million per person. She stresses the need to understand the intricacies of state tax laws and the potential benefits of annual gifting and putting money into trusts for children. Estate planning can be overwhelming, but with Natalie's insights and wealth of knowledge, it becomes an essential conversation about securing our future and assets. Don't wait until it's too late, tune in, and get planning!

How To Contact Natalie Perry
nperry@harrisonllp.com
https://www.linkedin.com/in/natalie-m-perry-cpa-jd/

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Unravel the complexities of taxes and financial strategies with The Intelligent Taxpayer Podcast. Learn how to become a savvy detective in the world of tax codes, gain tax clarity, and keep more of what you earn. Stay updated with emerging tax laws, explore real-life case studies, and hear from industry experts. Subscribe now and take control of your finances.

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