What Taxes are Due When Children Inherit Home?
My sister passed away. Her only possession was her home, which still has a mortgage and she left it to my son and daughter, her niece and nephew. What inheritance tax will there be?
What’s the Best Thing to Do with an Inherited House?
Leaving behind a home for a loved one to inherit is a huge gift, but without the right planning, it could be an equally large headache.
What Is the Best Way to Make Sure Children Can Handle an Inheritance?
How can you prepare your children to handle the assets they’ll eventually inherit?
What are Big Tax Goofs to Avoid when Retiring?
One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.
What are the Options when Inheriting a House?
Inheriting a residential property like a house marks the end of a life and the beginning of deciding what to do with the property and implementing that plan.
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 Do I File a Tax Return for an Estate?
My 91-year-old mother-in-law died on Dec. 13, 2020. There was no will, so we are currently working our way through the probate process. Her income was less than $20,000 a year from Social Security and we can’t find any tax returns she filed. Was she required to file?
What Happens If My Trust Is Not Funded
Revocable trusts are a very popular and effective estate-planning tool. However, the trust will be ineffective, if you do not actually place your assets in the trust.
How Does the Generation-Skipping Transfer Tax Work in Estate Planning?
Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.
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.