GABB Speaks
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21/12/2023
We all want to watch our figures for 2024! I know for many colleagues and clients this is often my most popular article that I publish every January.
The importance of STEP UP IN BASIS (article in comments):
When someone dies, the recipient of the inheritance will be able to receive the asset at the value as of the decedent's DATE OF DEATH (DOD). Unfortunately, we have to rely that everyone involved in the post-death process KNOWS this! The attorney handling the succession (probate) needs to be sure they stress to the client the importance of getting accurate date of death valuations (and not letting the client "drive the bus" by saying "let's just use the assessed value for my property taxes" because most of the time it's way lower than the true fair market value). When it comes to brokerage accounts you have to be 100% sure the financial advisor did their job by getting that basis reset to DOD!
As a lagniappe, in COMMUNITY PROPERTY states (which Louisiana is) the ENTIRE Community Property account gets stepped up in basis, not just the Decedent's half. (I can't blame the advisors who are not in Louisiana for not knowing that-but the LA ones I sure can!)
Unfortunately, we just had a client's advisor really drop the ball on this. We found out that over 6 years ago the advisor NEVER did step up the basis to DOD value (even after being directed to do it, IN WRITING, by me). Client has been liquidating these stocks over the last 6 years and has surely been paying more in capital gains then necessary.
Another time we saw a client sell a piece of investment property for almost $1 million dollars when the stepped up basis should have been around $750,000 when the husband died. Succession Attorney allowed client to use the assessed valuation on the property tax bill of $75,000 (it was low because of a special use assessment). She told me how much money in capital gains she had to pay (and I knew husband had not died that long ago) so when I inquired further, I realized that we just needed to amend the Succession and get a new DOD valuation from when her husband died and her CPA could amend the return.
Yes, you have to TRUST YOUR TEAM but you also need to be wise so that you can be sure you have the right team in place!
Next year I will be spending a lot more time "teaching people how to fish" instead of just fishing myself. If you are a professional and want to hire me to come teach your team how to do things the right way shoot me an email ([email protected]) and let's chat. I will also be teaching accredited CLE, CPE, CE's, etc.
27/10/2023
Companion article in the comments. Enjoy!
Character Traits by GABB SPEAKS Why it’s so important to distinguish between Community Property and Separate Property in Louisiana.
18/09/2023
https://podcasters.spotify.com/pod/show/gabb-speaks/episodes/Adoption-Inheritance-Laws-e29fjft
Companion article in the comments
Adoption Inheritance Laws by GABB SPEAKS Under Louisiana law children you put up for adoption are still legal heirs UNLESS you address this under your Estate Plan.
02/08/2023
Companion article in comments.
2023 Property Tax Assessments by GABB SPEAKS Louisiana’s Special Assessment Levels (SAL)
01/08/2023
AUGUST is National "Make-A-Will" month. Listen to this podcast, if you DON'T like what you hear then YOU NEED TO MAKE A WILL!
Louisiana Intestacy by GABB SPEAKS Louisiana Intestacy laws explained when someone dies WITHOUT a valid Last Will & Testament.
11/07/2023
https://podcasters.spotify.com/pod/show/gabb-speaks/episodes/Louisiana-Security-Freeze-e26qpfu
Companion article in comments below.
Louisiana Security Freeze by GABB SPEAKS How to put your SSN on “lockdown”
30/06/2023
The Companion Podcast to my July 2023 "TOD: Go There if You Dare" article has posted on my GABB SPEAKS Spotify podcast. The Slidell Magazine article is reposted in the Comments section below (and will also be in the Wed.-July 5th - St. Tammany Farmer/Times-Picayune). When GABB SPEAKS...You Know!
https://podcasters.spotify.com/pod/show/gabb-speaks/episodes/TOD-Go-There-if-You-Dare-e26ce7t?fbclid=IwAR38siHFBkzeJk245VIQTgJ1xyrxGaU1tkWCEU35e1S-M9Qr7w6RfYgvAII
TOD: Go There if You Dare! by GABB SPEAKS Louisiana’s new Transfer on Death (TOD) laws…Go There if You Dare!
24/06/2023
The Companion Podcast to my "Keys to the Castle" article has now posted on my GABB SPEAKS Spotify podcast. The article is reposted in the Comments section below. When GABB SPEAKS...You Know!
Keys to the Castle by GABB SPEAKS Should I add my kids to my bank accounts?
22/06/2023
19/06/2023
With the recent massive Global hack (that also infiltrated Louisiana's Office of Motor Vehicles-OMV) there is no time like NOW to freeze your social security number (and be sure you consistently change your online passwords).
16/06/2023
Do you have any liability from your child's bad acts (even though unintentional) if your child's name is on your bank account as a co-owner...the answer is YES! I think it's time for a podcast on this very misunderstood subject..."KEYS TO THE CASTLE" podcast coming soon...because when GABB SPEAKS...YOU KNOW!
07/06/2023
https://podcasters.spotify.com/pod/show/gabb-speaks/episodes/Whats-Up--USUFRUCT-e25d1ob
What’s Up? USUFRUCT! by GABB SPEAKS Louisiana usufruct laws.
05/05/2023
Louisiana Intestacy podcast has posted (without any edits because I don’t want to lose another one)! Is there a podcasters school? 😂
Louisiana Intestacy by GABB SPEAKS Louisiana Intestacy laws explained when someone dies WITHOUT a valid Last Will & Testament.
02/05/2023
Hey Ya'll...if anyone was trying to listen to my podcast on "INTESTACY" this morning and got kicked out, I promise to re-record one and post soon. I was trying to EDIT it and I deleted like 3 minutes of it accidentally. I told ya'll to get your tetanus shots because it's still VERY RUSTY! 🤣 Bear with me, it will be worth it...there is lots to LEARN and LAUGH about!
GABB SPEAKS • A podcast on Spotify for Podcasters Your ESTATE matters...
29/04/2023
https://podcasters.spotify.com/pod/show/gabb-speaks/episodes/Were-a-Cremation-Nation-e238a01
We’re a Cremation Nation by GABB SPEAKS How to be sure that your final cremation or burial wishes are legally carried out.
05/04/2023
This past weekend while celebrating a fabulous friend's 70th birthday in Pensacola Beach, we all had a "SIM PIN" party! I highly recommend it BEFORE the drinking begins... We had iPhones (several generations) and Samsung Galaxys and all of our SIM PIN default codes were "1111". For iPhones go to SETTINGS and then CELLULAR and then SIM PIN. Again, if you've never set it before try 1111 first (be careful because you only get 3 tries...hence the BEFORE drinking part). Then set your OWN 8 digit hard-to-guess PIN. When you reboot your iPhone you will need to enter your regular screen-lock PIN first and then it will ask for your new SIM PIN number. If a hacker steals your SIM card and it has an embedded 8 digit pass code, they will just move on to the next guy.
This Fox 8 news story was the first I ever heard about it and this past weekend I shared it with my friends...PASS IT ON...
You're Welcome! 😎
Hackers steal thousands of dollars through victims’ cell phones using SIM swap fraud The technique has exploded in popularity according to FBI numbers.
04/04/2023
Check out "Life Lessons from Gary" in the APRIL issue of Slidell Magazine (we have plenty here at the office) and in the St. Tammany Farmer (inside the Times-Picayune/Advocate) on Wednesday, April 5th.
10/03/2023
While today's news of the failure of Silicon Valley Bank (a bank with over 200 BILLION in assets!) is spreading like wildfire, this is what you can do NOW to protect yourself and your loved ones for obtaining maximum FDIC protection.
You get $250,000 of FDIC protection basically for each named owner on an account, OR for each beneficiary (POD- Payable On Death or Beneficiary under a Living Trust) of the owner.
As an example, Bill and Mary are joint owners of a $1 million dollar Certificate of Deposit (CD) and they have named their two children, John and Susan, as the POD beneficiaries. They now have $1 million of FDIC protection because Bill gets $250k each for John and Susan and Mary gets $250k each for John and Susan ($250k x 4 = $1 M). Same applies if the $1M CD was titled to their joint Living Trust. However, if the $1M CD was titled solely in the names of Bill and Mary with NO named POD beneficiaries, then the FDIC covered amount would only be $500k.
FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California FDIC Creates a Deposit Insurance National Bank of Santa Clara to Protect Insured Depositors of Silicon Valley Bank, Santa Clara, California