July 22, 2025
Estate & Gift Taxes: What Changed (and What Didn’t) in Trump’s Big Beautiful Bill
In this episode we discuss the recent updates to estate and gift taxes as part of Trump's 'Big Beautiful Bill.' This episode is essential for anyone interested in estate planning and tax strategies. Tune in to stay informed and make the best decisions for your future!
WEBVTT
1
00:00:31.079 --> 00:00:36.560
Well, good afternoon, Michigananers, and welcome back to Tuesday with Tom,
2
00:00:36.679 --> 00:00:40.439
Michigan's Only podcast, where we talk about estate planning, a
3
00:00:40.560 --> 00:00:44.479
state settlement, and everything in between. As always, I'm your host,
4
00:00:44.520 --> 00:00:48.880
Tom Doyle, a state planning attorney, lifelong Michigan resident, and
5
00:00:48.960 --> 00:00:54.679
your guide to planning for the future. Well, brief review
6
00:00:54.840 --> 00:00:58.600
of last episode. Been a little while ago, been trying
7
00:00:58.640 --> 00:01:01.600
to enjoy some time off, But the last episode was
8
00:01:02.399 --> 00:01:09.560
why older Americans may be better off staying unmarried. So
9
00:01:10.439 --> 00:01:15.120
if you're considering possibly getting married later in life, maybe
10
00:01:15.200 --> 00:01:18.760
a second marriage later in life, I encourage you. I'm
11
00:01:18.760 --> 00:01:21.519
not trying to discourage you from getting married, but I
12
00:01:21.560 --> 00:01:25.359
would encourage you. Please listen to last week's episode where
13
00:01:25.400 --> 00:01:31.920
I discuss why, under some circumstances, older Americans may be
14
00:01:31.920 --> 00:01:38.200
better off as far as the law is concerned, staying unmarried.
15
00:01:39.239 --> 00:01:43.000
Today's show, well, today we're going to be diving into
16
00:01:43.079 --> 00:01:47.040
the big Beautiful Bill. Yeah, that's what they're calling it,
17
00:01:47.640 --> 00:01:51.560
and that's what was recently signed by President Trump. What
18
00:01:51.640 --> 00:01:55.200
does this mean for your state and gift tax planning? Well,
19
00:01:55.680 --> 00:01:59.879
let's break it down into what's changed and what's stayed
20
00:01:59.879 --> 00:02:03.519
the same. But Please remember what I'm about to discuss
21
00:02:03.799 --> 00:02:08.000
is meant to be educational and informative. It is not
22
00:02:08.759 --> 00:02:13.080
legal advice. As always, you need to work with your
23
00:02:13.159 --> 00:02:16.520
attorney to figure out what makes the most sense for
24
00:02:16.680 --> 00:02:34.960
you and your estate plan a state and gift taxes.
25
00:02:35.159 --> 00:02:41.919
What changed and what didn't in Trump's big beautiful bill. Well,
26
00:02:42.039 --> 00:02:45.400
let's talk about the unified credit amount. The unified credit
27
00:02:45.439 --> 00:02:48.879
amount is the amount that you can own at the
28
00:02:48.919 --> 00:02:52.400
time of your death, essentially and not have to worry
29
00:02:52.439 --> 00:02:55.680
about paying federal estate taxes. Well, under this new law,
30
00:02:55.719 --> 00:03:00.800
the federal estate gift and generation skipping transfer to exemption
31
00:03:01.520 --> 00:03:06.400
has been increased again. Building on the twenty seventeen Tax
32
00:03:06.439 --> 00:03:11.319
Cuts in Jobs Act, which temporarily doubled the exemption, this
33
00:03:11.479 --> 00:03:17.560
bill now permanently locks in that higher exemption and going
34
00:03:17.680 --> 00:03:22.719
forward will be indexed for inflation. So the new exemption
35
00:03:22.800 --> 00:03:27.599
amount in twenty twenty five is twenty six million per couple.
36
00:03:28.400 --> 00:03:32.120
That's thirteen million dollars per individual, and it will be
37
00:03:32.319 --> 00:03:35.919
indexed annually, so you don't have to worry that next
38
00:03:36.039 --> 00:03:39.800
January it's going to be dropping back to that seven million,
39
00:03:39.919 --> 00:03:42.919
which was all the concern that we had. Now that
40
00:03:42.960 --> 00:03:46.439
this statute has been signed. This law has been signed
41
00:03:46.439 --> 00:03:52.080
by President Trump. It's locked in at that thirteen million
42
00:03:52.080 --> 00:03:56.719
dollars per individual twenty six million dollars per couple. Again,
43
00:03:57.240 --> 00:04:00.599
this is now permanent, removing that sunset that was set
44
00:04:00.639 --> 00:04:07.879
to occur at the end of twenty twenty five. Portability
45
00:04:07.960 --> 00:04:11.599
has been made simpler. Portability what is that. That's where
46
00:04:11.680 --> 00:04:16.800
a spouse who dies and hasn't used up all their exemption,
47
00:04:17.000 --> 00:04:22.839
that unused exemption can be passed on to their surviving spouse. Well,
48
00:04:23.240 --> 00:04:29.240
portability of unused exemptions between spouses. It's been retained, but
49
00:04:29.360 --> 00:04:33.279
it has been simplified. Now a surviving spouse has ten
50
00:04:33.480 --> 00:04:38.319
years rather than five to elect portabilities. So if your
51
00:04:38.360 --> 00:04:42.439
spouse has died, you now have ten years from the
52
00:04:42.480 --> 00:04:47.360
time of their death to make an election to portability,
53
00:04:47.399 --> 00:04:50.560
which would give you the unused portion of your spouse's
54
00:04:50.600 --> 00:04:56.240
federal estate tax exemption instead of the previous five years.
55
00:04:56.279 --> 00:05:00.519
There's also a safe harbor rule that will allow late
56
00:05:00.600 --> 00:05:05.399
filings in certain hardship cases without the need to get
57
00:05:05.680 --> 00:05:11.040
a private IRS letter ruling. So portability is still there.
58
00:05:11.480 --> 00:05:15.759
Portability simplified, and you have a longer period of time
59
00:05:16.040 --> 00:05:23.879
in which to make that election. Three. Valuation discounts are preserved,
60
00:05:23.920 --> 00:05:26.920
but they have a twist. So what's a valuation discount. Well,
61
00:05:26.920 --> 00:05:31.720
evaluation discount is a strategy where you come in and say, look,
62
00:05:31.759 --> 00:05:35.800
I've got a private I've got a family business, but
63
00:05:35.959 --> 00:05:40.040
I don't own at least fifty percent of the family business,
64
00:05:40.079 --> 00:05:42.439
and so it's not really worth as much in my
65
00:05:42.639 --> 00:05:46.759
state plan because I can't force a sale. So the
66
00:05:46.879 --> 00:05:51.079
idea is that you claim that it's worthless because of
67
00:05:51.279 --> 00:05:58.399
a valuation discount. Well, the bill explicitly protects valuation discounts
68
00:05:58.399 --> 00:06:05.879
for family owned businesses, but limits discounts for passive investment
69
00:06:06.120 --> 00:06:10.120
entities that don't materially operate. So what do I mean? Well,
70
00:06:10.160 --> 00:06:15.000
discounts for lack of marketability and control will still apply
71
00:06:15.120 --> 00:06:21.639
for operating companies, but no discounting shell LLCs or family
72
00:06:21.720 --> 00:06:25.959
limited partners ships that just hold stocks or bonds. So
73
00:06:26.040 --> 00:06:34.160
it's only going to apply to actively operating companies. Four
74
00:06:35.040 --> 00:06:40.480
new compliance tools. Well, now the IRS has new authority
75
00:06:41.040 --> 00:06:47.240
to automatically cross reference gift reporting with annual ten ninety
76
00:06:47.360 --> 00:06:52.519
nine's and other asset transfers. Why because they want to
77
00:06:52.600 --> 00:06:56.560
know if gifts have been made that haven't been reported.
78
00:06:57.879 --> 00:07:01.920
So this is expected to quite frank the increase enforcement
79
00:07:02.439 --> 00:07:07.920
around under reported lifetime gifts. If we look at the idea,
80
00:07:08.959 --> 00:07:12.759
when you make gifts that exceed the annual exemption amount
81
00:07:12.800 --> 00:07:16.040
that we're going to talk about, and you don't want
82
00:07:16.079 --> 00:07:18.839
to pay the gift tax on that, you can defer
83
00:07:18.920 --> 00:07:22.959
the gift tax until you die. But there needs to
84
00:07:23.000 --> 00:07:27.240
be a mechanism for reporting those gifts. And this is
85
00:07:27.279 --> 00:07:30.360
simply going to give the IRS new authority to be
86
00:07:30.399 --> 00:07:35.120
able to cross reference different documentation to try and identify
87
00:07:35.439 --> 00:07:39.439
gifts that have been made and have not been reported
88
00:07:40.000 --> 00:07:45.759
that would impact one's lifetime exemption and or require payment
89
00:07:46.120 --> 00:07:52.199
of a gift tax. Well, okay, so fourth eight summary.
90
00:07:52.279 --> 00:07:55.720
What's changed. Unified credit amount has been doubled to that
91
00:07:55.879 --> 00:08:01.000
currently thirteen million twenty six per couple. Two, portability has
92
00:08:01.040 --> 00:08:04.600
been made simpler. Three valuation discounts have been preserved, but
93
00:08:04.680 --> 00:08:08.560
with a twist, and for there are new compliance tools
94
00:08:08.560 --> 00:08:12.519
that the IRS has to be looking at unreported gifts.
95
00:08:13.759 --> 00:08:17.720
So what hasn't changed, Well, what hasn't changed is the
96
00:08:17.759 --> 00:08:23.120
top tax rate stays at forty percent. So despite debate
97
00:08:23.800 --> 00:08:27.319
and argument in the House and the Senate. The top
98
00:08:27.360 --> 00:08:31.199
of state and gift tax remains at forty percent, So
99
00:08:31.319 --> 00:08:35.000
if you are in the top federal estate and gift
100
00:08:35.039 --> 00:08:39.320
tax area, it's going to be a forty percent tax
101
00:08:39.600 --> 00:08:44.519
on the amount that essentially exceeds at federal state tax exemption.
102
00:08:46.399 --> 00:08:50.159
The annual exclusion is unaffected. What is that. That's a
103
00:08:50.200 --> 00:08:54.679
annual exclusion for gifts that you can make that you
104
00:08:54.720 --> 00:08:58.200
don't have to report, and that don't impact your federal
105
00:08:58.279 --> 00:09:04.519
estate tax exemption. So the annual exclusion for gifts currently
106
00:09:04.600 --> 00:09:10.840
eighteen thousand dollars per done in twenty twenty five, is unchanged.
107
00:09:10.879 --> 00:09:13.679
You can still give this amount each year to as
108
00:09:13.720 --> 00:09:18.679
many people as you want without losing your lifetime exemption.
109
00:09:20.320 --> 00:09:23.440
Three Stepped up basis is still intact, and this is
110
00:09:23.480 --> 00:09:26.279
an important one because there's a lot of discussion about
111
00:09:26.320 --> 00:09:30.559
getting rid of it, but it doesn't touch stepped up
112
00:09:30.639 --> 00:09:33.720
basis at death and what does that mean? Under stepped
113
00:09:33.799 --> 00:09:38.639
up basis, when you die, your heirs the basis and
114
00:09:38.879 --> 00:09:44.360
assets that have appreciated gets reset or stepped up to
115
00:09:45.200 --> 00:09:51.159
the fair market value, which minimizes capital gains taxes when
116
00:09:51.200 --> 00:09:53.879
they later sell it. That's an important one for a
117
00:09:53.919 --> 00:09:59.039
lot of clients, even if they didn't have a federalistate
118
00:09:59.159 --> 00:10:05.799
tax issue, they have assets that have significantly appreciated and
119
00:10:05.879 --> 00:10:09.879
because of step up basis, when the airs receive those assets,
120
00:10:10.279 --> 00:10:13.840
their basis in the asset gets stepped up to the
121
00:10:13.840 --> 00:10:17.399
fair market value, so that when they sell it, they
122
00:10:17.440 --> 00:10:23.759
are minimizing or avoiding potentially totally capital gains taxes that
123
00:10:23.879 --> 00:10:28.480
would otherwise be owed if step up basis wasn't there.
124
00:10:28.559 --> 00:10:31.559
So that helps people, even those who don't have a
125
00:10:31.559 --> 00:10:36.759
federal state tax issue. So again, what hasn't changed. The
126
00:10:36.799 --> 00:10:40.120
top rate stays at forty percent, annual exclusion is going
127
00:10:40.200 --> 00:10:44.039
to be unaffected, and step up basis is still in tact.
128
00:10:44.200 --> 00:10:48.480
So what does this mean for you? Well, if you're
129
00:10:48.519 --> 00:10:53.240
in the high net worth bracket, congratulations, your tax planning
130
00:10:53.279 --> 00:10:58.840
window just expanded dramatically and permanently. If you're in that
131
00:10:58.960 --> 00:11:01.559
high networth brackt and we were talking to you, you're
132
00:11:01.600 --> 00:11:04.960
talking to your tax advisory attorney in the first part
133
00:11:04.960 --> 00:11:07.639
of this year, you were looking saying, Hey, what's going
134
00:11:07.720 --> 00:11:11.519
to happen if the federal state tax exemption amount drops
135
00:11:11.559 --> 00:11:15.679
from thirteen million to seven what's going to happen to
136
00:11:15.879 --> 00:11:18.080
my What are my options, How do I plan for
137
00:11:18.120 --> 00:11:19.840
that because there's things that I need to do by
138
00:11:19.919 --> 00:11:22.639
year end. You don't have to worry about that now
139
00:11:22.720 --> 00:11:25.320
because it's not going to drop. That doesn't mean you
140
00:11:25.320 --> 00:11:29.200
don't have tax planning that needs to be considered, but
141
00:11:29.360 --> 00:11:33.159
your tax planning window. For some of you, it might
142
00:11:33.279 --> 00:11:36.639
mean that you don't have a federal state tax tax
143
00:11:36.679 --> 00:11:39.120
that you have to worry about. For others of you,
144
00:11:39.200 --> 00:11:42.919
it simply means there's a lot more than what's going
145
00:11:42.960 --> 00:11:47.039
to be available by years and for you to pass
146
00:11:47.120 --> 00:11:50.600
on to your loved ones without worrying about a federal
147
00:11:50.639 --> 00:11:54.919
state tax. Now, if you've used things like grats and
148
00:11:55.039 --> 00:12:00.639
family limited partnerships or slats, different planning structures that people
149
00:12:00.639 --> 00:12:03.200
were starting to use in a way to try and
150
00:12:04.039 --> 00:12:09.159
minimize or avoid federalistate taxes, these structures still remain valid,
151
00:12:10.399 --> 00:12:15.399
but new compliance mechanism means that they must be tightly
152
00:12:15.519 --> 00:12:22.639
documented and reported. So if you've used a grant, grant,
153
00:12:22.679 --> 00:12:25.720
our returned annuity trust, or a family limited partnership or
154
00:12:25.759 --> 00:12:29.000
a SLAT as part of your federalistate tax planning, you're
155
00:12:29.039 --> 00:12:32.000
going to want to check with your advisor to make
156
00:12:32.039 --> 00:12:37.840
sure that you are complying with new compliance mechanisms so
157
00:12:37.879 --> 00:12:40.960
that you're not going to have any problem with those
158
00:12:41.159 --> 00:12:46.200
tools that you have already implemented. If you're a business owner, well,
159
00:12:46.279 --> 00:12:49.639
the business owner, think about this. The law favors active
160
00:12:49.799 --> 00:12:56.480
family businesses. That is that discount that I talked about
161
00:12:56.519 --> 00:13:02.799
for valuation purposes, So it favors active family businesses. So
162
00:13:02.960 --> 00:13:08.159
discounts and exemptions are preserved. But always make sure that
163
00:13:08.240 --> 00:13:11.759
your entity, whatever it is, doesn't fall into what is
164
00:13:11.840 --> 00:13:20.000
the passive investment trap. Well that's basically the Samia. Not
165
00:13:20.159 --> 00:13:23.679
a lot has really changed, Okay, which is good. It's
166
00:13:23.759 --> 00:13:26.720
kind of saved what we already had. Make a couple
167
00:13:26.799 --> 00:13:32.200
tweaks here and there, particular when it comes to portability,
168
00:13:32.279 --> 00:13:35.039
which is going to be important for any number of
169
00:13:35.120 --> 00:13:39.639
people and the whole make sure it preserves the family
170
00:13:39.679 --> 00:13:45.159
discount or the valuation discounts for family businesses. Farmers are
171
00:13:45.159 --> 00:13:48.000
going to be happy with that. Business owners are going
172
00:13:48.039 --> 00:13:52.639
to be happy that those were in fact preserved. So
173
00:13:54.559 --> 00:13:57.240
the new estate and gift tax rules under the Big
174
00:13:57.279 --> 00:14:01.480
Beautiful Bill, the bottom line is this, the bill brings
175
00:14:01.519 --> 00:14:10.360
more certainty, higher exceptions, exemptions, I'm sorry, and tighter compliance.
176
00:14:33.840 --> 00:14:37.200
Now if after listening, you're sitting there wondering how the
177
00:14:37.200 --> 00:14:40.879
big beautiful bill unpacks your state plan, or whether you
178
00:14:40.919 --> 00:14:44.000
should be making large gifts us here, please give us
179
00:14:44.039 --> 00:14:48.279
a call, or, better yet, visit DOYLELPC dot com where
180
00:14:48.320 --> 00:14:51.440
you can book in appointment with us. Amanda and I
181
00:14:51.480 --> 00:14:54.799
would be honored to meet with you to discuss the
182
00:14:54.919 --> 00:14:59.559
impact that the federal state tax changes or what stayed
183
00:14:59.559 --> 00:15:04.279
the same effect your estate. We'd also obviously love to
184
00:15:04.279 --> 00:15:07.120
help you protect the people you love, whether that means
185
00:15:07.159 --> 00:15:10.919
creating a brand new estate plan, updating and existing one,
186
00:15:11.159 --> 00:15:15.919
or guiding you through the estate settlement process in a
187
00:15:15.960 --> 00:15:18.519
difficult time. We try and make it easy and convenient
188
00:15:18.559 --> 00:15:22.720
to get started. We have person appointments those are available
189
00:15:22.759 --> 00:15:27.120
in Grand Rapids and Lancing. We have virtual consultations that
190
00:15:27.200 --> 00:15:29.360
can be by zoom or phone, so we can help
191
00:15:29.399 --> 00:15:32.559
you wherever you are in the great state of Michigan.
192
00:15:33.039 --> 00:15:35.480
And then, don't forget we have our legal Store, the
193
00:15:35.559 --> 00:15:39.360
legal stores. You just need one document, maybe all you
194
00:15:39.480 --> 00:15:43.159
need is a new power of attorney for healthcare. Take
195
00:15:43.200 --> 00:15:45.919
a look at the Legal Store browsing, where you can
196
00:15:46.080 --> 00:15:50.960
order individual legal documents anytime twenty four to seven through
197
00:15:51.080 --> 00:15:58.039
our legal store. All of that is available at Doyle
198
00:15:58.399 --> 00:16:05.279
Law PC dot com. Simply visit doilpc dot com. You're
199
00:16:05.279 --> 00:16:08.039
gonna find information on how to do all of those
200
00:16:08.080 --> 00:16:11.320
things so that you can get together with us. Of course,
201
00:16:11.360 --> 00:16:15.360
if you do that, we obviously look forward to the
202
00:16:15.399 --> 00:16:40.840
opportunity to work with you. Well, that's going to be
203
00:16:40.840 --> 00:16:43.200
a wrap for today's show as always. Ooh. If you
204
00:16:43.279 --> 00:16:45.879
have a comment, a question you'd like to have answer,
205
00:16:46.039 --> 00:16:47.759
or a topic you'd like me to cover in a
206
00:16:47.799 --> 00:16:51.360
future episode, head over to Tuesday with Tom dot com.
207
00:16:51.600 --> 00:16:53.919
There you can leave me a voice message by clicking
208
00:16:53.960 --> 00:16:57.720
on the microphone or just send me an email at Tom.
209
00:16:57.759 --> 00:17:02.159
At Tuesday with Tom, please be sure to follow us
210
00:17:02.159 --> 00:17:05.160
on Facebook invite your family and friends to do the same.
211
00:17:05.240 --> 00:17:10.079
That would be Tuesday with Tom and the office is available.
212
00:17:10.160 --> 00:17:16.039
Our Facebook page is Doyle Law PC. Don't forget to
213
00:17:16.880 --> 00:17:20.559
subscribe to our email list at Tuesday with Tom dot
214
00:17:20.559 --> 00:17:22.960
com so that you can stay up to date with
215
00:17:23.119 --> 00:17:27.680
new episodes and important estate planning tips. And remember, you
216
00:17:27.759 --> 00:17:33.720
can listen to Tuesday with Tom wherever you enjoy your
217
00:17:34.160 --> 00:17:40.119
podcasts or on Apple Podcasts, Spotify, Amazon Music, Google podcast, iHeartRadio,
218
00:17:40.720 --> 00:17:45.640
speaker and many many others, and don't forget you can
219
00:17:45.640 --> 00:17:51.359
always ask your smart speaker to play Tuesday with Tom. Well,
220
00:17:51.400 --> 00:17:54.640
thank you again for spending some of your Tuesday with
221
00:17:54.720 --> 00:17:59.480
us today and until next time, take care, stay safe,
222
00:18:00.079 --> 00:18:04.039
and have an awesome day and an awesome week here
223
00:18:04.880 --> 00:18:11.960
in Michigan. Tuesday with Tom has been brought to you
224
00:18:12.000 --> 00:18:16.039
by the estate planning attorneys at Doyle Law PC. To
225
00:18:16.119 --> 00:18:18.359
learn how we can help you with your estate plan
226
00:18:18.720 --> 00:18:21.880
or with settling a loved one's estate, please call us
227
00:18:21.880 --> 00:18:24.880
today at five one seven three two three seven three
228
00:18:25.000 --> 00:18:28.400
sixty six. That's five one seven three two three seven
229
00:18:28.480 --> 00:18:29.440
three sixty six.
1
00:00:31.079 --> 00:00:36.560
2
00:00:36.679 --> 00:00:40.439
3
00:00:40.560 --> 00:00:44.479
4
00:00:44.520 --> 00:00:48.880
5
00:00:48.960 --> 00:00:54.679
6
00:00:54.840 --> 00:00:58.600
7
00:00:58.640 --> 00:01:01.600
8
00:01:02.399 --> 00:01:09.560
9
00:01:10.439 --> 00:01:15.120
10
00:01:15.200 --> 00:01:18.760
11
00:01:18.760 --> 00:01:21.519
12
00:01:21.560 --> 00:01:25.359
13
00:01:25.400 --> 00:01:31.920
14
00:01:31.920 --> 00:01:38.200
15
00:01:39.239 --> 00:01:43.000
16
00:01:43.079 --> 00:01:47.040
17
00:01:47.640 --> 00:01:51.560
18
00:01:51.640 --> 00:01:55.200
19
00:01:55.680 --> 00:01:59.879
20
00:01:59.879 --> 00:02:03.519
21
00:02:03.799 --> 00:02:08.000
22
00:02:08.759 --> 00:02:13.080
23
00:02:13.159 --> 00:02:16.520
24
00:02:16.680 --> 00:02:34.960
25
00:02:35.159 --> 00:02:41.919
26
00:02:42.039 --> 00:02:45.400
27
00:02:45.439 --> 00:02:48.879
28
00:02:48.919 --> 00:02:52.400
29
00:02:52.439 --> 00:02:55.680
30
00:02:55.719 --> 00:03:00.800
31
00:03:01.520 --> 00:03:06.400
32
00:03:06.439 --> 00:03:11.319
33
00:03:11.479 --> 00:03:17.560
34
00:03:17.680 --> 00:03:22.719
35
00:03:22.800 --> 00:03:27.599
36
00:03:28.400 --> 00:03:32.120
37
00:03:32.319 --> 00:03:35.919
38
00:03:36.039 --> 00:03:39.800
39
00:03:39.919 --> 00:03:42.919
40
00:03:42.960 --> 00:03:46.439
41
00:03:46.439 --> 00:03:52.080
42
00:03:52.080 --> 00:03:56.719
43
00:03:57.240 --> 00:04:00.599
44
00:04:00.639 --> 00:04:07.879
45
00:04:07.960 --> 00:04:11.599
46
00:04:11.680 --> 00:04:16.800
47
00:04:17.000 --> 00:04:22.839
48
00:04:23.240 --> 00:04:29.240
49
00:04:29.360 --> 00:04:33.279
50
00:04:33.480 --> 00:04:38.319
51
00:04:38.360 --> 00:04:42.439
52
00:04:42.480 --> 00:04:47.360
53
00:04:47.399 --> 00:04:50.560
54
00:04:50.600 --> 00:04:56.240
55
00:04:56.279 --> 00:05:00.519
56
00:05:00.600 --> 00:05:05.399
57
00:05:05.680 --> 00:05:11.040
58
00:05:11.480 --> 00:05:15.759
59
00:05:16.040 --> 00:05:23.879
60
00:05:23.920 --> 00:05:26.920
61
00:05:26.920 --> 00:05:31.720
62
00:05:31.759 --> 00:05:35.800
63
00:05:35.959 --> 00:05:40.040
64
00:05:40.079 --> 00:05:42.439
65
00:05:42.639 --> 00:05:46.759
66
00:05:46.879 --> 00:05:51.079
67
00:05:51.279 --> 00:05:58.399
68
00:05:58.399 --> 00:06:05.879
69
00:06:06.120 --> 00:06:10.120
70
00:06:10.160 --> 00:06:15.000
71
00:06:15.120 --> 00:06:21.639
72
00:06:21.720 --> 00:06:25.959
73
00:06:26.040 --> 00:06:34.160
74
00:06:35.040 --> 00:06:40.480
75
00:06:41.040 --> 00:06:47.240
76
00:06:47.360 --> 00:06:52.519
77
00:06:52.600 --> 00:06:56.560
78
00:06:57.879 --> 00:07:01.920
79
00:07:02.439 --> 00:07:07.920
80
00:07:08.959 --> 00:07:12.759
81
00:07:12.800 --> 00:07:16.040
82
00:07:16.079 --> 00:07:18.839
83
00:07:18.920 --> 00:07:22.959
84
00:07:23.000 --> 00:07:27.240
85
00:07:27.279 --> 00:07:30.360
86
00:07:30.399 --> 00:07:35.120
87
00:07:35.439 --> 00:07:39.439
88
00:07:40.000 --> 00:07:45.759
89
00:07:46.120 --> 00:07:52.199
90
00:07:52.279 --> 00:07:55.720
91
00:07:55.879 --> 00:08:01.000
92
00:08:01.040 --> 00:08:04.600
93
00:08:04.680 --> 00:08:08.560
94
00:08:08.560 --> 00:08:12.519
95
00:08:13.759 --> 00:08:17.720
96
00:08:17.759 --> 00:08:23.120
97
00:08:23.800 --> 00:08:27.319
98
00:08:27.360 --> 00:08:31.199
99
00:08:31.319 --> 00:08:35.000
100
00:08:35.039 --> 00:08:39.320
101
00:08:39.600 --> 00:08:44.519
102
00:08:46.399 --> 00:08:50.159
103
00:08:50.200 --> 00:08:54.679
104
00:08:54.720 --> 00:08:58.200
105
00:08:58.279 --> 00:09:04.519
106
00:09:04.600 --> 00:09:10.840
107
00:09:10.879 --> 00:09:13.679
108
00:09:13.720 --> 00:09:18.679
109
00:09:20.320 --> 00:09:23.440
110
00:09:23.480 --> 00:09:26.279
111
00:09:26.320 --> 00:09:30.559
112
00:09:30.639 --> 00:09:33.720
113
00:09:33.799 --> 00:09:38.639
114
00:09:38.879 --> 00:09:44.360
115
00:09:45.200 --> 00:09:51.159
116
00:09:51.200 --> 00:09:53.879
117
00:09:53.919 --> 00:09:59.039
118
00:09:59.159 --> 00:10:05.799
119
00:10:05.879 --> 00:10:09.879
120
00:10:10.279 --> 00:10:13.840
121
00:10:13.840 --> 00:10:17.399
122
00:10:17.440 --> 00:10:23.759
123
00:10:23.879 --> 00:10:28.480
124
00:10:28.559 --> 00:10:31.559
125
00:10:31.559 --> 00:10:36.759
126
00:10:36.799 --> 00:10:40.120
127
00:10:40.200 --> 00:10:44.039
128
00:10:44.200 --> 00:10:48.480
129
00:10:48.519 --> 00:10:53.240
130
00:10:53.279 --> 00:10:58.840
131
00:10:58.960 --> 00:11:01.559
132
00:11:01.600 --> 00:11:04.960
133
00:11:04.960 --> 00:11:07.639
134
00:11:07.720 --> 00:11:11.519
135
00:11:11.559 --> 00:11:15.679
136
00:11:15.879 --> 00:11:18.080
137
00:11:18.120 --> 00:11:19.840
138
00:11:19.919 --> 00:11:22.639
139
00:11:22.720 --> 00:11:25.320
140
00:11:25.320 --> 00:11:29.200
141
00:11:29.360 --> 00:11:33.159
142
00:11:33.279 --> 00:11:36.639
143
00:11:36.679 --> 00:11:39.120
144
00:11:39.200 --> 00:11:42.919
145
00:11:42.960 --> 00:11:47.039
146
00:11:47.120 --> 00:11:50.600
147
00:11:50.639 --> 00:11:54.919
148
00:11:55.039 --> 00:12:00.639
149
00:12:00.639 --> 00:12:03.200
150
00:12:04.039 --> 00:12:09.159
151
00:12:10.399 --> 00:12:15.399
152
00:12:15.519 --> 00:12:22.639
153
00:12:22.679 --> 00:12:25.720
154
00:12:25.759 --> 00:12:29.000
155
00:12:29.039 --> 00:12:32.000
156
00:12:32.039 --> 00:12:37.840
157
00:12:37.879 --> 00:12:40.960
158
00:12:41.159 --> 00:12:46.200
159
00:12:46.279 --> 00:12:49.639
160
00:12:49.799 --> 00:12:56.480
161
00:12:56.519 --> 00:13:02.799
162
00:13:02.960 --> 00:13:08.159
163
00:13:08.240 --> 00:13:11.759
164
00:13:11.840 --> 00:13:20.000
165
00:13:20.159 --> 00:13:23.679
166
00:13:23.759 --> 00:13:26.720
167
00:13:26.799 --> 00:13:32.200
168
00:13:32.279 --> 00:13:35.039
169
00:13:35.120 --> 00:13:39.639
170
00:13:39.679 --> 00:13:45.159
171
00:13:45.159 --> 00:13:48.000
172
00:13:48.039 --> 00:13:52.639
173
00:13:54.559 --> 00:13:57.240
174
00:13:57.279 --> 00:14:01.480
175
00:14:01.519 --> 00:14:10.360
176
00:14:33.840 --> 00:14:37.200
177
00:14:37.200 --> 00:14:40.879
178
00:14:40.919 --> 00:14:44.000
179
00:14:44.039 --> 00:14:48.279
180
00:14:48.320 --> 00:14:51.440
181
00:14:51.480 --> 00:14:54.799
182
00:14:54.919 --> 00:14:59.559
183
00:14:59.559 --> 00:15:04.279
184
00:15:04.279 --> 00:15:07.120
185
00:15:07.159 --> 00:15:10.919
186
00:15:11.159 --> 00:15:15.919
187
00:15:15.960 --> 00:15:18.519
188
00:15:18.559 --> 00:15:22.720
189
00:15:22.759 --> 00:15:27.120
190
00:15:27.200 --> 00:15:29.360
191
00:15:29.399 --> 00:15:32.559
192
00:15:33.039 --> 00:15:35.480
193
00:15:35.559 --> 00:15:39.360
194
00:15:39.480 --> 00:15:43.159
195
00:15:43.200 --> 00:15:45.919
196
00:15:46.080 --> 00:15:50.960
197
00:15:51.080 --> 00:15:58.039
198
00:15:58.399 --> 00:16:05.279
199
00:16:05.279 --> 00:16:08.039
200
00:16:08.080 --> 00:16:11.320
201
00:16:11.360 --> 00:16:15.360
202
00:16:15.399 --> 00:16:40.840
203
00:16:40.840 --> 00:16:43.200
204
00:16:43.279 --> 00:16:45.879
205
00:16:46.039 --> 00:16:47.759
206
00:16:47.799 --> 00:16:51.360
207
00:16:51.600 --> 00:16:53.919
208
00:16:53.960 --> 00:16:57.720
209
00:16:57.759 --> 00:17:02.159
210
00:17:02.159 --> 00:17:05.160
211
00:17:05.240 --> 00:17:10.079
212
00:17:10.160 --> 00:17:16.039
213
00:17:16.880 --> 00:17:20.559
214
00:17:20.559 --> 00:17:22.960
215
00:17:23.119 --> 00:17:27.680
216
00:17:27.759 --> 00:17:33.720
217
00:17:34.160 --> 00:17:40.119
218
00:17:40.720 --> 00:17:45.640
219
00:17:45.640 --> 00:17:51.359
220
00:17:51.400 --> 00:17:54.640
221
00:17:54.720 --> 00:17:59.480
222
00:18:00.079 --> 00:18:04.039
223
00:18:04.880 --> 00:18:11.960
224
00:18:12.000 --> 00:18:16.039
225
00:18:16.119 --> 00:18:18.359
226
00:18:18.720 --> 00:18:21.880
227
00:18:21.880 --> 00:18:24.880
228
00:18:25.000 --> 00:18:28.400
229
00:18:28.480 --> 00:18:29.440
