An estate plan considers many important aspects. We wrap up our six part series with a critical aspect to consider -- the impact of taxes. This article examines some of the many ways consideration of taxes might impact an estate plan. 6 Important Estate Planning Considerations – Part 6: Taxes … [Read more...] about 6 Important Estate Planning Considerations – Part 6: Taxes
In June, we covered Part 1 (Long-Term Care) and Part 2 (Incapacity) in a six part series covering important estate planning considerations. Another point deserving some thought is how an estate plan can direct not just to whom assets should go, but also how. Each beneficiary is unique and the estate plan should consider their unique situation. This article looks at a couple with three very different children and how they might leave the assets for them in three very different … [Read more...] about 6 Important Estate Planning Considerations – Part 3: Your Kids
When you receive an inheritance you may wonder if you have to report this influx of money to the IRS as income on your annual tax return. In general, the answer is no, an inheritance would not be taxable. However, the appreciation on inherited property would potentially be taxable. You should discuss this subject with an estate planning attorney if you are inheriting appreciable assets. Even though you are not required to pay income taxes on inheritances, taxes can be a factor. … [Read more...] about Do I Pay Taxes When Someone Leaves Me Money?