Inheritance Isn’t All Joy – 5 Steps To Avoid The Pain For You And Your Portfolio

inheritance isnt all joy 5 steps to avoid the pain for you and your portfolio

Sumary of Inheritance Isn’t All Joy – 5 Steps To Avoid The Pain For You And Your Portfolio:

  • However, according to the Tax Foundation, an independent tax policy non-profit, as of 2020, seventeen states and the District of Columbia may tax your inheritance, your estate or both..
  • Early in 2020, we at Warren Financial helped a client through the process of dealing with a significant inheritance including many shares her father had accumulated through a long career with his company, Norfolk Southern (NSC), multiple insurance policies and an annuity..
  • Given the challenges to the transportation sector due to COVID-19, our client wanted to reduce her concentration in this one holding and re-deploy the capital into other holdings, specifically the ‘stay at home’ plays of big-tech such as Amazon AMZN (AMZN, Invesco QQQ Trust (QQQ) QQQ and Zoom Video Communications (ZM)..
  • If the latest Biden tax increase proposal goes through Congress, this type of step-up in cost basis on death could be eliminated which would cost everyone inheriting anything of value to pay significantly more tax..
  • In a conversation I had with someone who recently went through the process twice as executor of two estates at nearly the same time, he shared that while he recognized that the probate court system is congested, he was surprised at how little help they would provide..
  • Our client also had a related challenge where he didn’t have a full understanding of what was involved in the estate..
  • When her mother passed away, she was left as the executrix of a complex estate – homes in multiple states, as well as investment assets..
  • With the most regular and consistent exposure to a client life, your financial advisor could make the best choice to lead your team of experts..
  • getty In addition to settling the estates finances and legalities, multiple people with whom I spoke also had the task of emptying their parents’ home after they passed..
  • A repeated bit of advice was to go through documents now to purge unneeded files rather than leave it to your heirs to sort through..
  • A client father recently passed away leaving a widow and two adult children – one was my client, the other was her sister who will need some help for care and support..
  • At a minimum, it important that the trust assets keep up with inflation and sufficient funds are allocated for likely needed medical care as the trustee ages….

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