Have a question about your financial adviser or looking for a new one? Email [email protected]. Getty Images/iStockphoto Question: I am 57 years old, have $450,000 saved for retirement and will so...
Tag: Inherited
Is there a federal inheritance tax? How much inherited money is taxed state-by-state.
If you’re lucky enough to have inherited some assets from someone who has passed away, you might not feel so lucky when you discover you may owe taxes on them. Depending on where the person who passed...
I Inherited $50K. What Should I Do With It?
It’s not uncommon for people to receive sizable inheritances. But it’s less common for them to make the most financially advantageous decisions about what to do with their newly acquired assets. If yo...
Are Inherited Savings Bonds Taxes Going to Cost Me a Fortune?
SmartAsset: Do I Have to Pay Tax on Inherited Savings Bonds? Inheriting savings bonds can provide you with an unexpected windfall. However, there’s one important question to ask: Do I have to pay tax ...
Beneficiaries of Inherited Retirement Accounts Dodge a Tax Bullet
New legislation related to taxes can come with plenty of ambiguities and complexities, but the IRS often irons them out in the regulations it proposes. Al Drago/Bloomberg Sometimes these efforts fail...
My Kids Inherited $5 Million. How Should They Handle It?
My children have inherited $5 million of stock from their father (whose estate has not yet been dispersed after 11 months) leaving them with a 30% or so loss of value over which they have had no contr...
IRS Changes Guidelines for Inherited IRAs, Causing Confusion and Pushback
Figuring out the most efficient way to navigate the tax impact of inheriting individual retirement accounts has become more complicated since the Internal Revenue Service issued proposed new rules in ...
My wife inherited a 401(k)–what’s the best way to avoid a big tax hit?
Q.: My wife inherited a 401(k) from my mom who died recently. How do we handle this? If she takes her share out will it count as income for us on our taxes? I read that we can’t roll it over into our ...
How to Minimize Your Heirs’ Tax Burden on Inherited IRAs and 401(k)s
The stretch-IRA strategy largely went away after the Secure Act of 2019, leaving heirs less maneuverability on taxes. Financial pros have some solutions. Illustration by Barron’s: Dreamstime(5) ...
Capital Gains on Inherited Property: What It’ll Cost You
An inheritance is a windfall that can absolutely help someone’s financial situation — but it can make your taxes tricky. If you inherit property or assets, as opposed to cash, you generall...
Should I Sell The Municipal Bonds I Inherited From My Father?
Some people are so avid about avoiding taxes that they make big mistakes with their portfolios. “I’m worried about the New Jersey municipal bonds that my father bought. I got them when he died in 2015...
Inherited IRA and 401(k) Rules Explained
Inherited individual retirement accounts (IRAs) have long been a method to allow non-spousal beneficiaries to inherit an IRA account and let the account continue to grow on a tax-deferred basis over t...
Using an Inherited IRA to Buy a Home
You can cash out an inherited IRA and use it to fund a major purchase like a house with no tax penalty, thanks to new rules established by the Setting Every Community Up for Retirement Enhancement (SE...
Self-made wealth more likely to flow into crypto than inherited: Report
Self-made wealthy individuals worldwide appear more likely to invest in cryptocurrencies like Bitcoin (BTC) as opposed to those whose wealth is mostly inherited, a new survey suggests. Wealth-X, a res...
Donated or Inherited Virtual Assets to Be Taxed by South Korea’s NTS – Coinotizia
Starting in the year 2022, donated or inherited virtual assets will be assessed and taxed accordingly, South Korea’s National Tax Service has said. Dunamu, Bithumb Korea, Korbit, and Coinone are the n...
I inherited ‘a sizeable amount’ from my mother. A financial adviser took me out for a free meal at an investment seminar, and made ‘some good, interesting points.’ But should I be wary?
Let’s hope you enjoyed your meals but didn’t swallow too much of that investment advice. Getty Images Finding good, trustworthy financial advice is tough. Sometimes people luck into a recommendation f...