One of the missions of the BoomX Show is to help improve people's legal literacy, their financial literacy. Today, I will answer the questions of a young family leader who is building an estate plan, an asset protection plan, and his questions about tax.

How do I give a gift to my surviving spouse in order to avoid not only estate tax, not only capital gains tax, but also protect the assets against the possibility of high unreimbursed medical expenses? Some of the questions that he asked and I answer in today's episode is, what is the credit shelter trust?

How does that differ from a spousal protection trust and what is a QTIP trust? In the tax lingo there's unlimited marital deductions, but there's a trap. A mistake that you can make that can lead to significant estate tax if you live in a state with estate tax. All of these principles of course apply to federal estate tax.

If you are high net worth, even if your estate is below a taxable amount of millions of dollars, you should be even more interested because we all have the potential loss of our estate, of our assets during retirement, from high unreimbursed medical expenses, which can lead to Medicaid liens and transfer penalties and spend downs.

This is what we will discuss in today's episode of the BoomX show.