Kansas estate and inheritance taxes have not been assessed at the state level since 2009. This does not mean that estate taxes never have to be paid by those who live in the state of Kansas. Federal estate taxes may still be assessed. Because estate taxes can reduce the value of an inheritance and create substantial problems for those with family businesses and farms, it is important for estate taxes to be taken into consideration as part of your estate planning. Parman & Easterday … [Read more...]
Free Report: Oklahoma City Estate and Inheritance Taxes
Today we are going to expand on those ideas to take a look at some more specific strategies or planning options that might allow you to reduce, and potentially even eliminate, any estate or inheritance tax issues you might be facing. As we mentioned previously, most people who create estate plans in Kansas and Oklahoma will not have to worry about any potential inheritance tax issues because Kansas, Oklahoma, and the federal government do not impose these taxes. Instead, our discussion today … [Read more...]
What NOT To Do When A Trust Is The IRA Beneficiary
In a Private Letter Ruling (PLR ) on June 20, 2014, the IRS ruled that a surviving spouse who received proceeds from her deceased husband’s IRA through a trust could not roll over the IRA funds because more than 60 days had passed since their receipt. The PLR tells us what not to do when a trust is the beneficiary of an IRA. “Ben’s” IRA named a trust as beneficiary of his IRA. The trustees were his two children. Ben’s wife “Ann” was to receive 25% of the IRA. After Ben died, the proceeds of … [Read more...]
