Estate planning can be a labyrinthine process, but with the right expertise, it becomes a seamless transition for your wealth and assets. Joshua Driskell, Managing Partner at Lagerlof LLP, is one such expert making significant strides in the field of estate planning and taxation. In a recent episode of “The Probate Realtor Show,” Driskell shared his insights on managing estate taxes, leveraging charitable contributions, and crafting flexible estate plans. Here’s a deep dive into some key takeaways from the conversation.
Navigating Changes in Estate Taxation
The landscape of estate taxes is constantly evolving, and staying abreast of these changes is crucial for effective estate planning. Joshua Driskell highlights the importance of understanding current estate tax exemptions and planning accordingly.
- Current Estate Tax Exemption: As of now, a married couple can transfer approximately $25-26 million to their heirs without incurring estate taxes. This exemption, however, is set to decrease to about $13 million for a married couple by the end of 2025.
- Impact of Upcoming Changes: The reduction in the exemption means more estates will be subject to the 40% estate tax. Driskell emphasizes the urgency for those in the mid-range of $13 million to $25 million to take action now.
- Tools for Mitigation: Various strategies, such as gifting and utilizing trusts, can help minimize the tax burden. Driskell advises starting the process early to take full advantage of the current exemptions.

Essential Tools for Estate Planning
Driskell elaborates on several tools that can significantly impact estate planning, especially in reducing taxable estates.
- Trusts and Family Limited Partnerships: These tools are pivotal in transferring assets to the next generation while maintaining some control and benefiting from tax advantages.
- Discounts on Asset Valuation: Using family limited partnerships or LLCs allows for valuation discounts, thereby reducing the taxable value of an estate.
- Charitable Remainder Trusts: For those looking to balance philanthropy with tax efficiency, charitable remainder trusts offer a viable solution. These trusts provide income streams and significant tax deductions while supporting charitable causes.
The Step-Up in Basis Advantage
One of the critical aspects of estate planning involves the step-up in basis, which can offer significant tax savings.
- Understanding Step-Up in Basis: Upon the death of an asset holder, beneficiaries receive a step-up in basis, meaning the asset is revalued at current market value, thereby minimizing capital gains taxes upon sale.
- Optimal Timing for Sales: Driskell advises considering the sale of stepped-up assets within six months of the death to fully leverage the step-up in basis and avoid capital gains taxes on previous appreciation.
The Role of Charitable Contributions
Charitable giving is not only a noble endeavor but also a strategic tool in estate planning.
- Creating Charitable Trusts: These trusts can effectively reduce taxable estates while generating income streams for the donor.
- Family Foundations: For larger gifts, setting up a family foundation provides long-term philanthropic engagement and more control over how the funds are used.
Building Flexible Estate Plans
Adaptability is key in estate planning due to the ever-changing nature of tax laws and personal circumstances.
- Amendable Trusts: Driskell recommends creating trusts that remain amendable and changeable until they become irrevocable, ensuring they can adapt to future changes.
- Regular Reviews: He advises revisiting estate plans every three years to accommodate life changes such as births, deaths, marriages, and divorces, ensuring the plan remains aligned with current goals and circumstances.

Driskell’s Journey and Expertise
Joshua Driskell’s path to becoming an expert in estate planning and taxation is rooted in his diverse legal experience and passion for helping clients navigate complex legal landscapes.
- Corporate Beginnings: Initially working in a quasi-legal corporate role, Driskell decided to pursue law school to advance his career.
- Specialization in Tax Law: His first job out of law school at a tax law firm exposed him to the intricacies of taxation, estate planning, real estate, and corporate law.
- Comprehensive Approach: At Lagerlof LLP, Driskell integrates his broad expertise to offer clients holistic solutions tailored to their unique needs.
Key Takeaways
- Estate Tax Exemption: Stay updated on changes and plan ahead to maximize current exemptions.
- Utilize Trusts: Implement trusts and family limited partnerships to manage and reduce estate taxes.
- Charitable Contributions: Leverage charitable trusts and family foundations for tax efficiency and philanthropy.
- Flexible Planning: Ensure estate plans are adaptable and regularly reviewed to reflect life changes and tax law updates.
For those seeking to safeguard their legacy and ensure a smooth transition of wealth, Joshua Driskell’s expertise in estate planning offers invaluable guidance. His strategic approach not only minimizes tax burdens but also ensures that your assets are managed in a way that aligns with your long-term goals and philanthropic aspirations.
🗣️Notable Quotes:
“You can set restrictions on gifts and foundations. Most clients prefer the foundation structure because it provides more capabilities over time.”
Watch The Full Interview Now:
Connecting with Joshua Driskell:
LinkedIn: / jrdriskell
Website: https://www.lagerlof.com/joshua-drisk…
DISCLAIMER: The Probate Realtor® Matias Baker Masucci is a licensed real estate broker in California DRE # 02054763. Any legal information provided is for informational purposes only and NOT for the purpose of providing legal advice. Contact an attorney to obtain advice with respect to any particular legal issue or problem. We make no guarantees as to the accuracy of any information.