Do you pay tax on an inheritance?

The Retirement Show: Your Life, Your Money with Scott Sierens

Вміст надано Scott Sierens. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Scott Sierens або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.

1y ago 30:58

MP3•Головна епізоду

Are you expecting an inheritance, or planning to pass down assets to your loved ones? It's crucial to understand the potential tax implications that come with it. In this episode, we’re diving deep into the world of inheritance taxes.

Key discussion points in this episode:

If you inherit real estate, the property's value is adjusted to its current market value when you receive it. If you sell it immediately, you may not incur much tax, but holding onto it could lead to tax liability, especially if it appreciates.
Inheriting a 401(k), IRA, or similar retirement account means you'll likely have to pay income tax on withdrawals.
Explore the benefits and pitfalls of inheriting Roth IRAs, which can provide tax-free growth if managed correctly.
Seek advice from financial and tax professionals to make informed decisions about inherited assets and tax planning, as tax laws can change.

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: office@sierensfinancialgroup.com

Phone: 847-235-6989

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

154 епізодів

#Trading #Careers #Business #Scott Sierens #401k #Chicago #Elgin #Financialplanning #Healthcare #Illinois #Roth #Scottsierens #Wealthmanagement #Yourlifeyourmoney #Pension #IRA #Retirement #Tax