Tax Considerations and Estate Planning: Rapid Fire

What this video covers

• Why short-term capital gains (held one year or less) are taxed at ordinary income rates up to 37%, and why there is no short-term capital gains rate on the exam
• How Treasury interest is state and local exempt while agency interest (Ginnie Mae, Fannie Mae, Freddie Mac) is fully taxable at all levels, and why municipal bond interest is federally exempt
• The difference between carryover basis for gifted securities and stepped-up basis for inherited securities, and why inherited securities are always long-term regardless of sale timing
• What happens in the no man's land for depreciated gifts sold between the donor's basis and the gift-date fair market value: no gain or loss recognized
• How the unified transfer tax system merges gift tax and estate tax into one graduated schedule topped at 40%, with a $15 million lifetime exclusion and a $19,000 annual exclusion per donee
• Why portability of a deceased spouse's unused exclusion requires filing Form 706 even when no tax is owed, and why the unlimited marital deduction requires a U.S. citizen spouse
• The distinction between joint tenants with right of survivorship (JTWROS), which avoids probate, and tenants in common (TIC), which passes through the estate
• The specified adult exploitation hold timeline: internal review starts immediately, notification within 2 business days, initial hold up to 15 business days, maximum hold up to 55 business days, covering both disbursements and securities transactions