- My Dad Left Me $550k in an IRA, But I’m in the 32% Tax Bracket. How Should I Structure My Withdrawals?
If you inherit a tax-deferred retirement account, like an IRA or a 401(k), you’ll pay income taxes on the money when you withdraw it. Those withdrawals are subject to your marginal tax rate, not the original owners. This can reduce the value of your inheritance, potentially by quite a lot if you are in a… read more…
- What Is Right of Survivorship and How Does It Work?
The right of survivorship is a legal concept that determines what happens to jointly owned property when one owner dies. In arrangements like joint tenancy or tenancy by the entirety, this right allows the deceased person’s share to automatically transfer to the surviving co-owner, bypassing probate. It’s commonly used for real estate, bank accounts and… read more…
- How the Lady Bird Deed Works in Florida
For many Florida homeowners, avoiding probate is a key estate planning goal, but it doesn’t always require creating a trust. A Lady Bird deed offers a unique way to transfer real estate to beneficiaries while allowing you to retain full control of the property during your lifetime. Understanding how this estate planning tool works, along… read more…
- Pros and Cons of Starting a Private Family Foundation
Private family foundations have gained popularity as a means for wealthy families to make a positive impact on society while maintaining control over their charitable endeavors. However, like any philanthropic venture, they come with their own set of advantages and disadvantages. A financial advisor can help you determine whether a private family foundation is right… read more…
- How to Build Wealth With an Inheritance
Money passed down to the next generation comes with feelings of gratefulness, loss and responsibility. In addition, receiving an inheritance worth hundreds of thousands of dollars can be jarring. It offers an extraordinary opportunity to secure your financial future, but doing so requires knowledge and discipline. From assessing your current financial standing to deploying savvy… read more…
- Do You Expect to Receive an Inheritance? Study Shows Most Americans Say They Aren’t Ready to Manage It
Many of us dream about receiving a financial windfall but the majority of us won’t know what to do with the money when the time comes. A financial advisor can help you manage an inheritance or other financial windfall. Find a fiduciary financial advisor today. According to New York Life’s Wealth Watch Survey, only 42%… read more…
- What Is the Average Inheritance?
People inherit less than you might expect. In fact, most people think they’ll inherit far more than they really will. If you do inherit money, it most likely won’t be subject to federal estate taxes. In 2023, those apply only to… read more…
- What Happens to an Inheritance If a Beneficiary Has Died?
If your heir dies, what happens next? This is an issue that comes up in estate law. If not frequent, it is certainly not rare. After you write your will, what happens if your heirs die before they can inherit?… read more…
- How Much Does an Inheritance Advance Cost?
If someone leaves you money in their will but you don’t want to wait until probate ends to claim it, you might consider getting an inheritance advance. An advance against an inheritance allows you to collect money that’s set to… read more…
- How Does an Inheritance Advance Work?
Taking an inheritance advance is something you might consider if you expect to receive money from an estate, but don’t want to wait for probate to conclude. An inheritance advance, also called a probate advance or probate cash advance, allows… read more…
- How to Remove Someone from a Life Estate
Life estates can provide effective means to create joint ownership of property, avoid probate and transfer property after death without incurring gift taxes. Parents commonly use them to bequeath a home to children while allowing them to continue living in… read more…
- How to Deposit a Large Cash Inheritance
If someone close to you has died, the last thing you may want to talk about is money. However, in order to honor their final wishes, you’ll need to follow their will (if they left one) or potentially go to… read more…
- Inheritance Rules for In-Laws
When someone passes away, whether unexpectedly or not, it can raise questions about who will inherit what. Specifically, you might be wondering whether in-laws have a right to any of the assets of the deceased person. The short answer is… read more…
- Naming an Estate as the Beneficiary of an IRA
When people pass away, their wealth is generally passed on. In the case of passing on your individual retirement account or an IRA, you have two choices. You can name a beneficiary or multiple beneficiaries to receive the income from… read more…
- Settling a Small Estate in Florida
Florida provides two ways to settle small estates without going through the often time-consuming and costly process of probate. A procedure called Disposition of Personal Property Without Administration allows beneficiaries to quickly and inexpensively settle a very small estate that… read more…
- What Is a Family LLC?
Limited liability companies can protect your personal assets if you own a business but they can also be used in estate planning. Specifically, you could establish a family LLC to shield assets from creditors while ensuring a smoother transfer of… read more…
- Can an Illegitimate Child Claim Inheritance?
The term illegitimate child—historically used to describe a child born to unmarried parents—is largely outdated in modern legal contexts. Today, inheritance rights are typically based on legal parentage, not the marital status of the parents. In most states, a child has the right to inherit from both legally recognized parents, regardless of whether the parents… read more…
- What to Consider About Child Inheritance
When deciding how to pass on assets to your heirs, it’s important to consider where minor children fit in. Child inheritance laws generally prohibit children from inheriting land, real property or other assets if they’re under 18. Depending on probate and inheritance laws in your state, it’s even possible to exclude children from inheriting any… read more…
- What Is the Cost Basis of Inherited Stock?
The cost basis of inherited stock refers to the value assigned to shares received from a deceased individual, typically based on the stock’s fair market value on the date of death. This valuation method, known as a step-up in basis, can affect capital gains taxes if the stock is later sold. Unlike gifted shares, which… read more…
- Strategies for How to Avoid Inheritance Taxes
When a loved one dies, there are a lot of things to worry about, from planning the funeral to dealing with your oWhen a loved one dies, there are a lot of things to worry about, from planning the funeral to dealing with your own emotions. And often, money is a major part of the… read more…
- What Should I Do With a $50k Inheritance?
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 you inherit a significant amount, such as $50,000,… read more…
- A Guide to Schedule K-1 (Form 1041)
Inheriting property or other assets typically involves filing the appropriate tax forms with the IRS. Schedule K-1 (Form 1041) is used to report a beneficiary’s share of an estate, including income, credits, deductions and profits. Beneficiaries of an inheritance should… read more…
- How Does Inheriting an Annuity Work?
When someone inherits an annuity, they receive the remaining payments or account value from a contract originally owned by another person. The payout options and tax treatment depend on the relationship to the deceased and whether the annuity was qualified or non-qualified. Spouses can often continue the contract in their own name, while non-spouse beneficiaries… read more…
- What Are Transfer on Death (TOD) Accounts for Estate Planning?
Transfer on death (TOD) accounts can keep your estate planning intact while keeping your beneficiaries out of court. If you’re among the 57% of adults, according to Caring.com, who don’t currently have a will or trust, your family will likely head to probate court.… read more…
- Inheritance Laws in Nebraska
As of 2026, Nebraska is one of just five states in the U.S. that levies an inheritance tax. Aside from this, the state has a fairly typical set of inheritance and intestate succession laws that mostly dictate how an estate is inherited if there is no will. Below we provide a comprehensive look at Nebraska… read more…