What to do After the Death of a Spouse
Losing a spouse can be an overwhelming and emotional experience. While it’s possible to organize financial documents ahead of time, there’s no way to truly
Category: Inheritance
Darrow Wealth Management regularly works with individuals who experience a sudden liquidity event after inheriting a retirement account, a trust fund, property, and other assets. If you’re expecting to receive an inheritance, you may have a number of questions about the process and tax implications. Whether an inheritance is taxable to you, the beneficiary, will depend on what type of asset you inherited and how it was passed down. Articles cover the tax treatment of different inherited assets such as an IRA, brokerage account, home, or trust fund, and how a large windfall from an inheritance should be integrated into your new financial situation.
What’s The Best Thing To Do With Inherited Money?
There are lots of ways to spend an inheritance. But just because you have options, doesn’t mean they’re all good options. After receiving an inheritance
IRS Wants to Change the Inherited IRA Distribution Rules
UPDATE: On October 7th, 2022, the IRS released Notice 2022-53 announcing final regulations will be forthcoming and will apply (at earliest) to the 2023 distribution year. Individuals
If You Inherited A 401(k) From A Parent, Here’s When You Need To Take The Money—And When You Should
As part of the Secure Act, most adults who inherit a 401(k) from a parent must take the money in 10 years. Depending on your
Inherited a 401(k) From a Parent? Tax Planning for Distributions
If you’ve inherited a 401(k) from a parent, you likely have questions about your options for the account and the tax impact. Luckily, non-spouse beneficiaries
Inheriting a Trust Fund: Distributions to Beneficiaries
If you’re inheriting a trust fund, you likely have questions about how the distribution payouts to beneficiaries work and the tax implications. While general information
What is a Step-up in Basis? Calculating Cost Basis of Inherited Stock or Other Assets
A step-up in basis is a tax advantage for individuals who inherit stocks or other assets, like a home. A step-up in basis could apply
Want to Leave Your Kids an Inheritance? They May Only Have 10 Years to Take it.
The Secure Act, which was signed into law in December 2019, brings about several major changes to the retirement system. One such shift marks the end
The Secure Act Means Major Changes to the Retirement System
The Secure Act was signed into law on December 20th, 2019, solidifying the most significant changes to the retirement system in over a decade. Though
Options After Inheriting an IRA from Your Spouse
If your spouse has named you as a beneficiary on their traditional IRA, SEP IRA, or SIMPLE IRA, you will need to understand your options