inheritance Archives - About Estate Planning

Minimizing Beneficiary Squabbling

Kevin McFadden — Wed, 07 Aug 2019 15:41:47 +0000

We have all seen it. The media likes to pass along juicy stories of actors that either had no wills or their heirs are fighting tooth and nail over the inheritance. But how do we stop any infighting among our own beneficiaries when we pass? Most families get along great… Read More

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Is My Children’s Inheritance Taxed?

Kevin McFadden — Wed, 07 Aug 2019 15:31:14 +0000

The general answer is no. The IRS doesn’t allow much to go untaxed, but most inherited assets are the exception (in Arizona at least). It does not matter whether the beneficiary received real property, stock or cash. Nor whether he or she received the inheritance via a Will or a… Read More

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Taxes on Inheritance

Kevin McFadden — Wed, 12 Dec 2018 16:24:35 +0000

I have addressed this in prior blog posts but it bears revisiting this topic since this comes up frequently in my meetings with clients. The question is typically asked this way: “Will my heirs have to pay taxes on the inheritance I leave them?” or something similar. Let me start… Read More

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Are Inherited IRAs Subject to Creditor Claims?

admin — Mon, 16 Jun 2014 22:51:14 +0000

The answer is YES. On June 12th the Supreme Court of the United States handed down a decision stating that Inherited IRA’s are subject to the claims of creditors. For anyone who inherits an IRA, creditors or a spouse in a divorce can attach that inheritance if not properly planned.… Read More

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Will My Heirs Have Hurt Feelings Over My Personal Items? Short Answer: Probably

admin — Wed, 23 Apr 2014 22:57:37 +0000

“The biggest estate-planning mistake is that people think it’s only about the money,” said Marlene Stum, a professor at the University of Minnesota and author of the “Who Gets Grandma’s Yellow Pie Plate?” workbook and website. “When it comes to their personal possessions, they say, ‘It’s just stuff.’ ” In my… Read More

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“Only Older People Need Estate Plans”

admin — Mon, 24 Mar 2014 17:50:50 +0000

Français: Enterrement à (Photo credit: Wikipedia) It isn’t a surprise to anyone that those typically motivated to do estate planning are those that have their mortality staring back at them. Examples include clients preparing for travel, life-challenging illnesses or individuals in advancing years. I don’t need to remind anyone that… Read More

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“I don’t need an estate plan since I’m unaffected by the estate tax”

admin — Thu, 06 Mar 2014 17:54:09 +0000

While this is a common misconception, I believe it mixes up two ideas, estate planning and estate tax planning. Estate tax planing is actually a small, but important, part of the overall estate planning process. Estate planning is about making sure your estate is in order and passes as you… Read More

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Question: Does Having a Will Mean You Avoid Probate?

admin — Thu, 02 Jan 2014 19:53:40 +0000

Question: Does Having a Will Mean You Avoid Probate? Answer: No, almost by definition, a Last Will & Testament implies that a probate will be needed to administer the estate. The best way to avoid probate is using a revocable trust. Another way to avoid probate, but sometimes causing more… Read More

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