When a loved one passes away and leaves assets to beneficiaries, those assets may be subject to an inheritance tax, depending on the location of the deceased and their relationship to the inheritor. Inheritance tax is imposed by the state in which the decedent lived—only six states currently impose it—and is the responsibility of the […]
Legislation moving through Congress this fall would sharply reduce the current estate-tax exemption amounts and create several other changes. Here’s why—and how—you should act quickly to stay prepared. Estate taxes have usually affected only the very wealthy at death. While the limits on the monetary value that a decedent can exempt from estate taxes routinely […]
(Originally published in Wealth Point, June 2018 – updated February 2020 to include SECURE Act provisions) Article Summary Many of us fill out a beneficiary designation form for our retirement accounts. But it’s important to consider how your beneficiaries will receive these assets. With the SECURE Act changes, effective as of January 2020 and now […]
