Inheritance Planning

Losing a loved one is never easy and grieving is a unique process for everyone. When you are ready, we can help you understand what to do with inherited assets and any important tax planning considerations.

A Checklist for When a Spouse or Parent Passes

A Checklist for When a Spouse or Parent Passes

When you lose a spouse, partner, or parent, the grief can be overwhelming. In the midst of that grief, life goes on. There are arrangements to be made, things to be taken care of – and in recognition of this reality, here is a checklist that you may find useful at such a time.

How We Can Help You

Our first priority is helping you take care of yourself and your family. Here's a situation that may be similar to yours:

Vikram's father passed away recently and his mother had passed a few years earlier. After he worked with a lawyer to settle the estate, Vikram has now received an inherited IRA from his dad worth $1 million and $400,000 from the sale of his dad's house. Due to the SECURE Act of 2019, he needs to withdrawal all of the funds in the inherited IRA within 10 years of his father's passing.

This will require careful planning to decide when the taxable inherited IRA withdrawals are made, because Vikram is planning to continue working for the next 5-10 years. He must also decide how to invest the house sale proceeds in a tax-efficient manner while maintaining liquidity to pay for some upcoming withdrawals for his kids' college expenses.

Related Article - What Comes Next After You Inherit An IRA?

Related Article - The Inherited IRA Time Bomb!

Understanding Your Estate: Critical Elements of an Estate Strategy

Establishing an estate strategy is crucial, yet many wait too long to put their wishes in writing. Use this helpful guide to review your estate strategy and start conversations with your loved ones, financial professionals, and legal team.