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The Your Life, Your Money Podcast helps you thrive in life, wealth and retirement. The show is designed to navigate the complexities around money, building and securing wealth, and achieving financial independence. Scott Sierens, financial advisor at Sierens Financial Group, will provide thoughts, strategies, and ideas on each episode to help you make smart and sound financial decisions. The goal is to take complex financial subjects and make them simple and easy to understand so you can feel confident to take action, enjoy life, and eliminate financial stress and anxiety.

Scott, along with guests from across various industries, will cover topics such as tax savings strategies, investment and wealth management, IRAs, 401(k)s, retirement planning, income strategies, pensions, estate planning, social security, healthcare, and much more.

Retirement isn't an age or number. It's finding the balance between living life today and feeling financially confident about YOUR tomorrow.

Ask Scott your questions by calling 847-235-6989 or check out our podcast website at https://lifemoneyshow.com for more resources.

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 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