Can I Avoid Taxes when I Inherit?
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in, unless an estate exceeds $11.7 million. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.
If My Estate Is the Beneficiary of My IRA, How Is It Taxed?
When an estate is named beneficiary of an IRA, what is the method of distributing it to one individual in the most tax-effective way?
Should I Name a Trust as Beneficiary of My IRA?
It’s generally a bad idea to name a trust as beneficiary of your IRA.
When Did You Last Review Beneficiary Designation Forms?
When it comes to your retirement accounts, do you know who your beneficiaries are? These types of accounts have complex distribution rules and significant tax implications for those who inherit them. This complexity is compounded, if there are errors or missing information on your beneficiary forms, as is often the case. Add to this the game-changer SECURE ACT, the largest retirement legislation that has been passed in decades—and there has never been a more important time to review your beneficiary forms.
What are the Biggest Estate Planning Mistakes?
Taking a few simple steps now can potentially help save your beneficiaries thousands in legal fees and taxes.
How Do I Keep Money in the Family?
If you’re single and die in 2020, you can have up to $11.58 million in assets before your heirs have to worry about paying a penny in estate taxes.
Can I Protect My Estate with Life Insurance?
Life insurance may play a vital role in an estate plan, because insurance proceeds can be counted on to provide liquidity when it’s needed.
What Should I Know about the Secure Act of 2019 and IRAs?
The Secure Act of 2019 eliminated many of the advantages the so-called stretch IRA offered heirs.
Should I Use Life Insurance in My Estate Planning?
Life insurance may play a vital role in an estate plan, because insurance proceeds can be counted on to provide liquidity when it’s needed.
What Does Recent Legislation Mean for the Generation-Skipping Transfer Tax (GSTT) Exemption?
Recent legislation provides unprecedented opportunities to minimize or avoid estate, gift and generation-skipping transfer taxes (GSTT).
