Anyone who just inherited a deceased parent’s IRA or 401(k) could be about to commit a costly blunder. You can take the money from that retirement account in one big lump sum, no matter how young you are, but that will trigger a tax bill – probably a hefty one. It’s tempting to take the… Continue reading Greatest Wealth Transfer Could Be Costly Blunder For Beneficiaries And Windfall For IRS
Tag: inheritance
How to Decide Who Merits Your Money as You Ponder Your Legacy
Not long ago, Jeff Bezos took to Twitter to ask the world for charitable-giving ideas. The Amazon.com founder sought a charitable strategy that looked at the long term and soon he was inundated with suggestions. Of course, Bezos has plenty of money to give, but you don’t need to be a billionaire to reach a… Continue reading How to Decide Who Merits Your Money as You Ponder Your Legacy
4 Tips For Creating Your Financial Legacy Now
Many Baby Boomers are leaving their life’s work to chance, Half of all Americans with children do not have a legal will, according to an extensive survey done by the legal service RocketLawyer. “While the survey was conducted in 2012, the attitudes Americans have on inheritance and legacy matters tend to remain static through the… Continue reading 4 Tips For Creating Your Financial Legacy Now