Here’s a little fact that you may not realize: when you assign a beneficiary for your IRA account, you are effectively bypassing any outside action against that account – assuming that the beneficiary assigned is appropriate.
For most assets that you own, when you pass away, your last will and testament determines who will receive the [...]
Posts under ‘estate tax’
IRAs Do Not Pass Through Your Will
Choosing a Beneficiary for Your IRA
One of the very important tenets of estate planning is to ensure that you’ve made an appropriate choice, or set of choices, for beneficiary(s) of your IRA account(s). The title of this article could be a bit misleading – the point of this article is to list some of the consequences of various choices for [...]
Understanding the 2010 Estate Tax Repeal
The start of a new year often signals a time for change–especially when it comes to taxes, and 2010 has brought some major changes. As of January 1, the federal estate and generation-skipping transfer (GST) taxes are repealed, and the step-up in basis rule is modified for 2010. While it’s possible (and some believe very [...]
The Dreaded “Double Tax” on IRAs
Chances are, if you hold a significant amount of money in your IRA accounts, you may have been approached by a financial professional who tells you about the “double tax” that may be a part of your account’s future. Here’s a brief explanation: when the owner of an IRA dies, assuming that the size of [...]
