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Whether the state can claim an inherited account depends on how it defines the estate and how much Medicaid paid for care.
Inheritance

I Inherited My Mom’s $180k Bank Account Outside Probate. Then Medicaid Came Asking.

When you inherit a bank account from a parent, you may think that the money is yours to keep. This might seem especially true for an account that skips probate, but the state can still seek repayment for any long-term care your parent received through Medicaid. Here’s what could happen to a $180,000 bank account… read more…

Ask an Advisor

Ask an Advisor: At 61, Do I Still Need to Track the 5-Year Rule for Roth Conversions?

I still have a question I have not found directly answered in articles I’ve read about Roth conversions. There are two categories of money in a Roth account: converted funds and earnings. I understand the scenarios you’ve explained. However, I have also read elsewhere without mention of age 59 ½ that a five-year clock starts… read more…

wealthy buying homes
Travel, Education & More

America’s Most Vertical, Horizontal and Mobile Cities – 2026 Study

America’s housing landscape takes many forms. Some cities maximize limited land area by growing vertically, concentrating housing stock in multistory structures. Others have expanded outward, prioritizing traditional, single-family detached houses. This mix of housing types helps define each city’s physical character and how its residents live. SmartAsset evaluated U.S. cities with populations of 250,000 or… read more…

Inherited stocks and real estate generally receive a stepped-up basis, which can reduce the capital gains tax you owe when you sell.
Inheritance

Taxes on Inheritance Money: Federal Rules, State Taxes and Inherited IRAs

You generally don’t have to pay taxes on inheritance money just because you received it. Cash and property inherited from someone generally aren’t federal taxable income. But taxes can arise from inherited retirement accounts, state inheritance taxes or income and gains the assets produce later. Federal estate tax is different because the estate generally pays… read more…

Editor's Picks

A couple determining whether they need a CFA vs. CFP®.
Certifications & Licenses

CFA vs. CFP®: Which Do You Need?

Chartered financial analyst (CFA) and certified financial planner (CFP) are common certifications for individuals working in finance, namely financial advisors. These are designed to tell a client (or employer) that the holder has received education in certain types of financial… read more…

Clients meeting with an advisor from a wealth management firm.
Brokerage

6 Tips for Choosing a Wealth Management Firm

Wealth management firms are all different, with their own specializations and services. As a result, the process for choosing a wealth manager is a very personal one. Wealth managers work closely together with their clients to identify financial goals and… read more…

A fee-only financial planner doesn't earn commissions for recommending certain products.
Advisor Fees & Costs

What Is a Fee-Only Financial Planner?

If a financial planner, financial advisor or another type of financial professional is fee-only, that means they receive compensation solely from the fees clients pay for their services. They do not earn commissions for recommending certain products. A fee-only structure… read more…

Investment Property
Real Estate Investing

Why First Homes Could Be Investment Properties

If you’re young and looking to purchase a new home to live in, you may want to consider turning it into an investment property. While most people wait until after they’ve bought their first or second home to begin investing in… read more…

Data Articles and Studies

wealthy buying homes
Travel, Education & More

America’s Most Vertical, Horizontal and Mobile Cities – 2026 Study

America’s housing landscape takes many forms. Some cities maximize limited land area by growing vertically, concentrating housing stock in multistory structures. Others have expanded outward, prioritizing traditional, single-family detached houses. This mix of housing types helps define each city’s physical character and how its residents live. SmartAsset evaluated U.S. cities with populations of 250,000 or… read more…

The McKinlock Gate, an ornate wrought-iron gate entrance gate on Northwestern University's Chicago campus.
Travel, Education & More

America’s Best-Value Universities for Veterans — 2026 Study

For many veterans, earning a post-service academic degree can be an important step toward civilian career advancement and a successful transition from military service. While GI Bill benefits help cover college costs, student outcomes and support for veterans vary by institution. Some universities offer a stronger combination of manageable costs and academic value, helping veterans… read more…

Financial Advisors

States with the Most Potential Assets to Manage Per Financial Advisor — 2026 Study

For financial advisors, market opportunity depends not only on the amount of wealth residents have available to manage, but also on the number of advisors competing for that wealth. States where residents have substantial wealth, and where advisor competition is relatively limited, may offer stronger prospects for new business acquisition and practice growth. In places… read more…

A server carrying dishes at a restaurant.
Income

Where a Minimum Wage Goes Furthest in 2026

Minimum wage laws expanded during the Great Depression to support a basic standard of living, but their value today depends on local costs. A relatively high minimum wage may still fall far short in an expensive state, while a lower minimum wage may cover a larger share of basic expenses in areas where costs are… read more…

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