Brokerage Account Inheritance

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 to stocks owned individually, jointly, or in certain types of trusts, like a revocable trust. Sometimes called a loophole, the step-up cost basis rules are…

Kristin McKennaFebruary 24, 2020

Forbes Inheritance IRA Rollover Roth IRA Secure Act Tax & Estate Planning Traditional IRA Trusts Updated for 2020

The End of the Stretch IRA and What it Means for Your Estate Plan

The Secure Act became law on December 20th, 2019, bringing the most significant changes to the retirement system in over a decade. Among the changes is the end of the so-called 'Stretch IRA' which allowed non-spouse beneficiaries of an IRA (or other type of retirement account) to 'stretch' withdrawals over…

Kristin McKennaJanuary 15, 2020

Forbes Inheritance Retirement Planning Tax & Estate Planning

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 of so-called “stretch IRAs” for non-spouse beneficiaries who inherit a retirement account after 2019. Although there are a couple of exceptions, starting in 2020, most…

Kristin McKennaJanuary 14, 2020

401(k) Plans 403(b) Plans 529 Plans Brokerage Account Business owners College planning Current events Employee benefits Financial Planning Inheritance Retirement Planning Roth IRA Secure Act SEP IRA Traditional IRA Updated for 2020

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 clarification on some of the finer points of the legislation will be needed from the IRS, there is plenty we already know about the Secure…

Kristin McKennaDecember 21, 2019

Charitable giving Infographics Inheritance Secure Act Tax & Estate Planning Updated for 2020

Calculating How Much Charitable Donations Will Reduce Taxes

How much charitable giving will reduce taxes depends on what you donate. The tax deductions for charitable giving will vary for donations of cash, stock, or even retirement assets. To maximize the tax benefits of charitable giving, consider the different ways you could give. To find the best tax savings,…

Kristin McKennaFebruary 5, 2019

Asset Management Infographics Inheritance Secure Act SEP IRA Traditional IRA Updated for 2020

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 for the account you have just inherited. In general, you will have three choices for the IRA you have inherited. As you review your options,…

Kristin McKennaApril 13, 2018

401(k) Plans 403(b) Plans Infographics Inheritance Roth IRA Secure Act SEP IRA Traditional IRA

What to do after inheriting a retirement account from a parent or relative

If you have just inherited a traditional IRA, SEP IRA, Roth IRA, 401(k) or 403(b) plan from a parent, sibling, or relative, you may be unsure about what your options are and what to do next. As a non-spouse beneficiary, you will need to begin taking distributions from the account.…

Kristin McKennaMarch 18, 2018

Estate Planning Financial Planning Inheritance Tax & Estate Planning Updated for 2020

What to Do After Receiving an Inheritance

If a loved one has passed and you're expecting to receive an inheritance, you may have a number of questions about the process; such as is an inheritance taxable and what to do after receiving an inheritance. Whether an inheritance is taxable to you, the beneficiary, will depend on what…

Kristin McKennaMay 24, 2017

Estate Planning Inheritance

Does an Inheritance Go Through Probate?

What is probate and why should you try to avoid it? Whether an inheritance will go through probate or bypass the process will depend on the type of asset - not whether the decedent had a will. Having a will does not mean assets will avoid probate; a will is a legal record of…

Kristin McKennaApril 25, 2017

Inheritance Tax & Estate Planning Updated for 2020

How is an Inheritance Taxed?

If you're receiving an inheritance you may be wondering about how it will be taxed. The tax treatment will ultimately depend on a number of factors, such as the type of inheritance you are receiving (real estate, a retirement account, cash, etc.), your state, the size of the estate, and…

Kristin McKennaApril 18, 2017