The federal gift, estate, and generation-skipping transfer (GST) tax exemptions and the annual exclusion from gift tax are historically high due to a temporary increase under the Tax Cuts and Jobs Act.
Family business succession planning is a critical and often challenging process for many family-owned businesses. The goal of a successful succession plan is to ensure a smooth transition of the business to the next generation, preserving the legacy and values that have been built over the years…
Like most assets, you can inherit an individual retirement account (IRA) after the owner’s death. For spouses, inheriting an IRA is a relatively straightforward process.
A frequent complaint by next-generation members is that the senior generation never fully lets go of business tasks.
Before making a decision on a beneficiary, it’s very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
When someone dies with money left in an Individual Retirement Account (IRA), the funds can get passed on to the person’s loved ones through an inherited IRA.
You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
A Roth conversion involves liquidating assets in a tax-advantaged account like a traditional IRA or 401(k), paying taxes on the withdrawal, and then funding a Roth IRA. In the short run, investors will pay taxes (more on that below).
The IRS is weighing a change that could leave your heirs poorer than you might hope.
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