Inheriting a vacation retreat can be a bittersweet moment. A loved one was lost, but upon this happening you received a piece of real estate. While there are many benefits of inheriting a vacation retreat, you must also realize that there are things that need to be done before you are “free and clear.” You [...]
Inheritance Tax
Whether they’re toddlers or mature adults, there are many ways to provide for your children after you’re gone ― without subjecting them to the burden of having to pay substantial taxes on their inheritance. This article reviews some of the tax strategies you can employ to ensure that your children are taken care of and [...]
According to a June 2010 report released by The Boston Consulting Group, the United States has the 7th highest density of millionaire households. If you’re one of those lucky people, you’ll want to take steps to minimize the amount of estate and inheritance taxes imposed by the federal and state government. Many Americans cherish the [...]
Along with the possibility that you may have to pay taxes on your inheritance to the federal government, your state may also come looking for you. It is important to note that some states have an inheritance tax, while others have none at all. Whether or not you pay the state tax has everything to [...]
If you have recently inherited a 401(k) or are set to do so in the future, there are some inheritance tax implications that you should be aware of. Inheritance tax is not something that you should take lightly. The more you learn about inheritance tax the better off you will be ― especially when it [...]
Do you know anything about inheriting an IRA? If this is something that you will be faced with in the near future, it is important to know what you will be up against and how you can make decisions that will benefit you when dealing with inheritance tax. Tax planning for inherited IRAs is easy [...]
Winston Churchill once said, “We make a living by what we get, but we make a life by what we give.” If fortune has smiled on you and you are a generous person, you might consider “gifting” some of your assets to another individual. Whether that person is your child who wants to take flying [...]
While many people think that inheritance tax and estate tax are identical, nothing could be further from the truth. These terms are not interchangeable despite the fact that some people use them as such. Before you get too deep, it is important to know that 14 states collect estate taxes and only seven collect inheritance [...]
Just as buying the right life insurance is a prudent way to provide protection for your family if you die unexpectedly, so is proper estate planning. It makes sense to sit down with your estate planner/lawyer while you’re in a good frame of mind (and hopefully in good health) to discuss the future disposition of [...]
Simply put, an inheritance tax is a tax that the beneficiary must pay on the total value of their inheritance. Inheritance tax is different from estate tax, which is a federal tax imposed on an individual’s entire estate (including cash, investments, cars, boats, real property, art, jewelry, etc.) at the time of their death. The [...]
