Sep 14, 2023
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
Seek advice from financial and tax professionals to make informed
decisions about inherited assets and tax planning, as tax laws can
Want to get in
Read more and get
additional financial resources here: http://lifemoneyshow.com
Check out our YouTube