2 Key Benefits of Living Trusts
With so many misconceptions around trusts, it’s easy to understand the confusion about the benefits of a revocable living trust. A living trust (also called
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.
With so many misconceptions around trusts, it’s easy to understand the confusion about the benefits of a revocable living trust. A living trust (also called
Of all the types of assets, real estate is usually the most emotional. It is, after all, difficult to make memories in a mutual fund
A few years ago, if you inherited an IRA from a parent, the distribution rules were simple: you could stretch withdrawals over your life expectancy.
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
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
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
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
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
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
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