Скачать или смотреть Key Considerations To Make When Inheriting Money Or Other Assets

This week, join us on Friends Talk Financial Planning as we talk about some key considerations when inheriting money or other assets.

We first discuss considerations when inheriting money, particularly from retirement accounts. When inheriting 401(k)s or IRAs, distributions are taxable, and it's recommended to spread withdrawals over 10 years to avoid large tax hits, as taking a lump sum could push you into a higher tax bracket. In contrast, Roth IRAs and Roth 401(k)s offer tax-free distributions, making them the most advantageous to inherit, and it’s also advised to take these distributions last for continued tax-free growth. Taxable accounts, such as stocks or real estate, benefit from a “step-up in basis,” meaning the asset's value is set at the time of the original owner’s death, which reduces capital gains taxes when sold. However, any growth after inheritance is taxable if sold later.
We recommend a strategy for using inherited funds in the following order: taxable accounts first (due to taxes on future growth), followed by Roth accounts, and lastly IRAs/401(k)s.
Finally, it is important to keep inherited assets separate from marital property to preserve their individual status for tax purposes. If you have questions or want individual guidance with an inheritance, consult a tax or financial advisor to minimize unnecessary tax burdens and maximize your inherited money.

Resources:
Alliance of Comprehensive Planners: https://www.acplanners.org
Bridget's firm website: https://www.sullivanmermel.com
John's firm website: https://www.trinfin.com
Find us on Facebook:   / friendstalkfinancialplanning  

#ACPMemberWisdom #inheritance #financialplanning #taxplanning
00:00 Introduction
01:20 Inheriting Retirement Accounts (IRAs, 401(k)s, etc)
03:50 Inheriting Tax Free Retirement Accounts (Roth IRA, Roth 401(k), etc)
05:05 Inheriting Taxable Accounts (Bank accounts, Stocks, Real estate)
06:57 Differentiating Types of Accounts and Future Growth
08:39 When To Spend What
10:50 Money Is Inherited On An Individual Basis
11:36 Conclusion

Use the following link to view the video transcript:
https://www.sullivanmermel.com/post/k...