The IRS has just put out a major warning to all Americans, and it has also changed the inheritance rules in this country, which almost ensures that people will be paying more in taxes when they pass on some money to their descendants. Additionally, the IRS also warned taxpayers to watch out for a new…
IRS Changes Inheritance Rules, Ensuring You Pay More Taxes
July 11, 2023
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Until now, many have enjoyed knowing their beneficiaries could inherit their assets tax-free through an irrevocable trust. It has been used successfully to pass assets safely to children without tax. For many people, it will no longer accomplish that goal. The New Rule on Irrevocable Trusts In March 2023, the Internal Revenue Service (IRS) changed…
12 Things Your Kids Actually Might Want to Inherit
One of the things you need to prepare for when you’ve reached your retirement age is your will. It is a document that lists all your properties and assets and how you want them to be distributed when you’re no longer here. While it might seem too soon to think about this uncomfortable topic, it’s…
Dad Already Made the Decision
Dear Dave, My father-in-law passed away earlier this year. Since then, my wife and I have faced a dilemma because of the inheritance. Her dad had several life insurance policies, and he left one to her and one to each of her siblings. The one he left my wife was bigger than the ones he…
Man Charged With Killing Mother at Sea to Inherit Estate
MONTPELIER, Vt.—A man found floating on a raft off the coast of New England in 2016 after his boat sank was charged in an indictment unsealed Tuesday with killing his mother at sea to inherit the family’s estate. The eight-count indictment released in federal court in Burlington, Vermont, also says Nathan Carman shot and killed…
Two-Thirds of Millionaires Worry Large Inheritances Could Harm Their Kids: Survey
A recent survey of high-net-worth individuals found that around two-thirds of them were concerned about leaving too much money behind for their children, while 57 percent of those who don’t plan to pass on an inheritance cited President Joe Biden’s tax plans as a factor in their decision. The Motley Fool polled 2,000 individuals with…
Two-Thirds of Millionaires Worry Big Inheritances Could Harm Their Kids: Survey
A recent survey of high-net-worth individuals found that around two-thirds of them were concerned about leaving too much money behind for their children, while 57 percent who don’t plan to pass on an inheritance cited President Joe Biden’s tax plans as a factor. The Motley Fool polled 2,000 individuals with a net worth over $1…
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