Finally found the “one word”. Portability. If you want to keep us interested, tell us PORTABILITY in the beginning. Then we will stay connected all the way through for the details. Please. The internet has taught us that intrigue is very short lived. People cut out if you don’t get to the point.

Some people are so rude,they can go away if they don’t like how you deliver your free advice. Thank you for sharing.

A Lawyer that can present a very involved and extremely complicated topic in a manner with such compassion and with such a "user- friendly" narrative creates the opportunity for a larger audience but it still might not be for everyone. Find a little free time...Grab a beverage...kick back in your favorite chair and just enjoy listening. Even if you did not absorb any benefit from this video I think it is unkind to be so critical...He chose to provid a LOT of expensive advice at NO CHARGE and he seemed to enjoy it. Thank you. 👏👏🌹👏👏

Thank you!!! My husband died 2 months ago and a CPA friend mentioned this. Looking for some information I found your video and it was very clear. I appreciate it.

8:47 Portability... for those who want to get right to the point...

The main thing people should learn from this story is to avoid attorneys who do everything. If your lawyer does real estate closings, divorces, litigation etc, dont let him handle trust and estate issues! They can make a complete mess.

"A lawyer is a learned gentleman who rescues your estate from your enemies and keeps it himself."- Henry Peter Brougham. (1778 - 1868)

I always heard that the best way to avoid taxes after death is to die penniless! So if you want to bequeath anything to your heirs, do it BEFORE you die, and spend down (and enjoy) yourself to the end!

Treasury Regulation Sect 20.2010-1 (c) (2) iii = Portability. Upshot is even if estate is below the exclusion threshold ($11.58M in 2020), file an estate tax return and elect ‘portability’ to avail of deceased spouse’s exclusion (year of death) in addition to your exclusion (year of death). You rock Mr. Rabalais!

A judge once told me that 'ignorance of the law is no excuse'. This video shows that.....Thank you...

“Long story short.........” Use the Portability election on the Estate Tax Return when Barry dies. Refer: Treasury Regulations Section 20.2010-1(c) (2) (iii)

Such a helpful video! “PORTABILITY “ is indeed a very important word to remember and for your family to also be aware of.

Thank you for another educational video. I hope lawyers, who practice is focused in other than Estate Planning, keep an eye on your channel. Not all lawyers (even in the same specialty) are created equal. I hired a lawyer to start the probate process of my relative estate, and he did not know ANYTHING about it, worse, he represented that he was capable of taking my simple case. I didn’t know any better, but things were not progressing and he kept telling me he was “researching”, so I grew suspicious. I went to a recommended lawyer for a second opinion, and the minute my appointment started, the lawyer began to ask all kind of questions related to the estate, was able to check what the other lawyer had been filed (which was nothing) and basically, she found nothing done related to my case. At that point, I hire her, but it cost me to pay the other lawyer $500.00 dls for nothing! I had to pay, because I had signed a contract for his services and could not get out of it, unless I took him to court, which would had cost me even more. At the end, the second lawyer, a Estate Planning lawyer, was so efficient and the process was a breeze. The lesson learned: Hire the right person for the job.

I now have watched several videos in this series. PORTABILTY is something I was not familiar with, and it could be highly critical ... with fluctuations in estate tax law. Thanks for explaining this excellently!

Don't have that kind of money...but always learning.....thank you so much!

@8:40 Portability.... that's the one work. Y'all welcome. Only applies to estates for both spouses totaling $2M-$12M. File the estate tax whether you need to or not claim portability because you might win the lottery and your kids will need the tax break is my guess.

You’re awesome at explaining these scenarios to us people that are ignorant to these types of things.

Pure Gold!!! And only because of the whole story I will remember this... Thank You!

The real lesson is to always use a lawyer who specializes in the area of law in which your issue lies.

Portability! Now I have to find $12M! LOL Thank you Paul =)

Wow! What a family lawyer! He helps with estate planning, divorces AND speeding tickets.

I'm a teen and none of this applies to me but for some reason I can't stop watching😂 it's so interesting

Thank you ... these vids are awesome. I am an attorney and even though these are targeted at non-attorneys, they still dig into serious topics. Love it. Thanks for the effort.

Non of this applies to me as I'm not American or live in USA but still love to watch you sir explain your laws. The simplicity of explanation is just Brilliant. Thank you for sharing your knowledge 👍

are you kidding in my family we fight over who gets the old junk out the shed and barn

I loved the way you explained it. Many times people have tried to explain portability to me. Your method worked!

Here is a hint, just don't talk to an attorney. If your estate is worth 1 dollar or 11 million, make sure you talk to an accountant or the person you file your taxes to make sure all IRS requirements are met if your spouse has died. No matter what you must submit a final tax return, basically to inform the IRS the taxpayer is no longer alive. The IRS doesn't know and will presume the person has failed to submit their yearly tax return.

Portability- got it! Don't think I'll have enough, as you say, 2+ million, but stranger things have happened! Thanks for the education! 🌞

This and your other videos are so very helpful in navigating issues in the estate planning and financial spheres that I have not learned about from attorneys or financial planners!! Really appreciate your channel!!!!

Thank you for talking about this. I'm 73, my husband passed 16 months ago. He named his grown kids executors, thinking we might pass near the same time. Your video is the FIRST I've heard of portability. The kids hired a probate attorney who didn't ask about portability . They skipped it. NOW I'm having my CPA look into it. They do it automatically for their clients' surviving spouses. This is likely to be an issue for me (though there's a special 2-yr deadline I will proably qualify for). It's unlikely I'll have that kind of large estate when I pass, but who knows ... So, thank you!

Good information...only a lawyer could draw it out soo long😁

I really appreciated the details shared with this information. He did a great job making it relatable as well.

Who knew?? This is great information. Thank you for getting the word out.

For all those people moaning about shortening the video, how confident are you that 95 % of the viewers, in their wretched throes of grief, will recall and understand what this man kindly shared with us if instead he shared a few terse sentences. He needs to make an impression that will survive your grief.

I love how you explain everything so well and maybe for some it is not their cup of tea but I really can watch this multiple times myself. Thanks for posting!!!!

YOU ARE A GENIUS. I wish I had found this video 5 years ago. It’s ridiculous that clients are expected to do the work their CPA’s should be doing. I could go on and on, but I’m suffering the consequences of a family who had no idea about the content of this video. Had an attorney, had a CPA, and still took me doing my OWN research to figure this out 😡 families pay PROFESSIONALS to take care of this, yet it’s amazing they still doing. Bravo to you for bringing it to public attention! Let me know if I can contribute anyway from a CA perspective (also a community property state).

One way or another the government will figure out how to get in our pockets! You made it passed the estate taxes, great, welcome to inheritance taxes!

A death tax is cruel to do to people. Pay taxes all of your life then they still squeeze it out of you at the end.Greed

He drag it out to long.He said you just had one word, then why didn’t you just simply say that one word instead of going into such detail. I wasn’t at all interested in all that gliberish. Just cut to the chase and simply come forth with that BIG word, then be done with it.

This is an excellent tip, thank you. Making a note for our attorney.

Why am I glad suddenly that I’m poor and don’t have a million???

Thank you for educating those of us that get confused on all the legal jargon!

Thank you for giving us your time and expertise. I’m sorry some people don’t appreciate your kindness.

Thank you for taking the time to explain everything so well .I hope you can ignore some of the negative comments

Paul, that was a great video. To the audience. Yes this is a long video with a story to get to the main point. But it's worth every moment if you are needing to do an estate plan. If you don't have the discipline to keep focus then you probably don't need to learn this anyways.

Sooooo….Bottom line, if I understood your discussion, if your spouse dies you should ‘always’ complete an estate form with the ‘portability’ option. The only negative would be you are paying for the form to be completed by your lawyer. Correct? Great video thx!

Great information…thank you for sharing your knowledge in a way the lay person can understand.

New sub here. I was unaware of the huge difference of exemption amounts from now until 2026, I think you said ”inflation adjusted ” which makes me think 2025 will be the year for minimized estate taxes of large estates because I don't think that we will be seeing negative inflation anytime soon. I would still rather have the people be alive though...

im looking at receiving an estate in a few years and your videos have been very helpful for everybody to understand what is what and what the estate should look like. we all thank you.

By 2026 with the way inflation is heading, 6m will be just above the poverty line. I still remember when an $8,000 a year salary paid your bills, owned a new car and had no credit card debt living in New York. Albeit that was before the turn of the last century.

Whoo Boy... I'm only 11.375 million short of really having to start worrying about things. I can feel it building up already. 😎

These videos are EXCEPTIONAL! I have shared with a friend who has $ in that bracket. Me, not so much, but I still appreciate the knowledge!

Thanks for explaining portability clearly. I’ve heard of that from my friend whose husband died recently.

You really have a lot of good information on Estate Planning. However, it takes you 20 minutes to give 7 minutes of information. I am 73 years old and I don't have a lot of spare time to indulge in a long winded stories.

Sounds like a great reminder to put into a will! Thanks!

Awesome Video! Very intriguing to find out what the one word was. Your examples were real-life examples and worth listening to the end. Thanks for all you do to help us understand the laws and how to protect ourselves.

You are awesome! Your videos are easy to understand . I look forward to watching all of your videos!

Thank you. Your educational videos provide a great service and I hope you take pro bono credit in some way for this work. Some commenters here attack IRS in response to the information you provide, but IRS simply implements laws made by elected Congress members and courts. Taxes are necessary, but corrupt, disingenuous, overcomplicated tax laws, are not. It might help relieve current confusion and division to discuss how a much-simplified tax code might affect our lives, and perhaps reduce waste, political vulnerability and confusion, and hidden tax law inequities now burdening all of us, lawyers included.

Jesus H christ that was painful, painful torture. Skip to 8.30 to get the word. Yes, he blathers on for an incredible 8 and a half minutes without imparting any information, incredible.

great job Paul as usual, I agree a family lawyer whose business is built on versatility can't always be up on their game!!

How to have a million dollars and not pay taxes. First, get a million dollars......

Yes, I have millions in my estate. No , I am poor, so I do not have to worry about someone fighting for my assets. Thanks for the valuable advise. Keep up the good heart called : sharing.

This example may further assist some with their estate planning. My wife and I have total assets of about 3.6 million. In that, I have about 1.6 million in Vanguard IRAs and wife has 0.9 million. We were each listed as primary beneficiaries and our 2 sons were listed as secondary. We just changed that so our sons are also listed as joint primary beneficiaries, 40/40/20 split of my account and 35/35/30 for her account. If they just inherited after we both pass, they would have to take distributions within 10 years, likely pushing them into predatory tax brackets. As beneficiaries, seems they can spread out RMDs based on their own estimated longevity; hopefully taking out more depending on how much room there is on the up-side of their current tax bracket. Leaves plenty for surviving spouse and accelerates transfer of wealth to our sons (and unlikely even after further growth to exceed the tax exclusion levels you discussed).

Incredibly valuable information. Thank you!

What about us regular folk? We may be worth 1 million but no where near 6 million.

So people will not give you 16 minutes to save $5 million in taxes or help put them on the correct track re estate planning for them my lawyer would want $5,000 for that advice or more. So the takeaway advice is to seek professional advice re estate planning as it can save your family a boat lot of cash. Thankyou for the free education.

Great video thanks. My father passed recently and our accountant was all over this but this video helped my mother understand not only the estate exemptions but portability as well. Keep it up.

My husband and I aren't worth as many millions as Pam. Actually, we have zero millions at the moment. ☹️😊 Nonetheless, I decided to share this video with my husband regardless. Our circumstance may change in the future, you never know. It's best to educate yourself and pass on critical information to your spouse while you're still here to do it. After you die, it will be too. No matter your age, plan ahead and plan now because you never know when your time is up 🤔🙂 I just found your channel today and I'm very glad I did. Thank you for sharing your knowledge.

Thank you so very much Mr. Rabelais for information you are giving. I’m sure that there are people you are helping to save them unneeded stress.

Thank you. My husband died in 2020. I will definitely be doing this even though the return is late.

This guy is giving advice to less than 4% of US citizens. Wish I had that kind of money to worry about using the word "portability". My main concern and 96% of Americans is 2 words "monthly payment"

Very good info. Thank you for your work. Constructive criticism: Way too wordy. This 16 min video could have easily been a 5 minute video.

What about community property states? When my husband passes or I pass, it all goes to the surviving spouse.

Why wouldn’t this rule apply to anybody? Maybe I’m worth nothing today and my spouse dies in 2020, but I manage to make a fortune before I die in 20 years. Why wouldn’t I want my kids to have access to the $11.8M in extra exemption, just because I filed the paperwork when we were poor. Who know what the future holds!

Damm, I have been looking for info like this for years. Your right on time with crucial information. Please don't stop making these informative video's.

Wasting 12 of 16 minutes in redundancy is pathetic. Getting paid by the word?

Awesome work you are doing!

before I retired as a police officer, I always advised the violator that on a moving violation, to keep it off their record, "Defensive Driving" class is always an option. Besides refreshing the driver of the same old driver's Need to know stuff, they Also inform you on the newest traffic laws that were recently passed and are now being enforced, like "Passing an emergency vehicle with lights flashing, you are required to either change lanes (Away from the vehicle) or reduce your speed by 20 M.P.H. under the posted speed." Every year, a new law is either passed or on the books to be passed soon, so Any advice is great!

I felt that one must file even if no taxes were due but I did not ever dream the advantages of doing so,

Save yourself, and forward all the way to 14:20.

Thank you, thank you! You are sharing your extensive knowledge so selflessly with the rest of us. God Bless you!

My other half is half owner of a tax accounting business. I will tell him of this "One Word" Many Thanks

GET TO THE POINT!!!!!!!!!!!!! I haven't heard this much rambling since I visited my great aunt in the nursing home.

You are talking way above anything we have....

Wow-Thank you, was not aware of this!

i have just found out i need to get my affairs in order and sumbled upon your videos, thank you for the valuable information

Great information but it took WAY TOO LONG to get there

Fantastic presentation. I still feel that an estate no matter how big or small should be a tax free distribution. It was already taxed and I should be able to do with it as I please. I guess properties that need to be transferred to another name there would be a transfer tax, but that's it. It drives me crazy how the government thinks it's entitled to someone's money just because they die. Thankfully, when My parents died there wasn't that kind of money in the estate. But, our home state sure took their share. Again, inappropriate.

Excellent information. 14:52 treasury regulations, section 20.210 - 1 (c) (2) (III) "PORTABILITY" Wishing everyone watching actually gets millions of dollars to worry about this stuff anyway .👍🙂

So does Portability transfer the surviving spouse’s portion (bc year 2020 was 11M amount, and only 6M was allocated to the deceased spouse- thus making it appear as both spouses had died in 2020 with heirs to carry-over and carry-on the estate?) to the year the remaining (surviving) spouse dies? Hmm! Must an Irrevocable or Revocable trust be setup in advance? This comment and Question year 2022 ALSO- Do Single or HOH get 1/2 the value like most deductibles/exclusions?

Outstanding information, thank you!

Great vid. It shows how crooked the legal system is and how tilted it is toward the rich. By educating the public, you serve us, the ignorant peasants or blue collar workers - some of whom may have accumulated some wealth true a lifetime of hard labor - but ignored ‘ portability ‘.

Thank you for posting this helpful video. You do a fabulous job on these.

Most people who have enough money to worry about this already have trusted attorneys, CPAs, and financial advisors.

Thank you for sharing your knowledge. Your a very cool guy. Making a grim topic fun is not a small talent.

Thank you for your video's and for breaking everything down so anyone can understand.

You are a spiritual brother to all men and women in the light and I am so grateful that I found your channel and your information I will always be grateful for the rest of my days God bless you always 👍🙏🔥🔥

Could have cut this down dramatically, couldn’t wait till the end!

Some very good information on "Portability" here, but a lot of unnecessary detailed fluff to get this one word! Thanks for the info on estate taxes.

i'll never have to worry about this. This video is for people who own a plane,yacht,cabins,ect.