inheritance question

[Shane]

I didn't explain that right.When I was talking to the cpa about several IRA'S involved he said Needed to visit with a IRA Professional on that part..

Hmmm... How hard were your questions?

[TXHUNT3R]

Shane has nailed it all.

Speaking from experience.

[finz]

To me kind of hard but shouldn't have been to him....

[Shane]

To me kind of hard but shouldn't have been to him....

Maybe he just had bigger fish to fry or something.

[finz]

maybe he just had bigger fish to fry or something.

very possible..

[finz]

Being named the beneficciary of the IRA'S is what I think had him stumped I think. He couldn't tell me the best way to receive them nor could he tell me if they would have to stay set up and ditributed based on parents age or my age.... Anyway thanks again I will keep researching..

[Grayson]

Collinsville, eh? Grayson County? Just so happens I know a guy who can help you out.....

[Muygrande]

Collinsville, eh? Grayson County? Just so happens I know a guy who can help you out.....

This is a good idea. You need a lawyer before you need a financial guy.

I would not make any long-term decisions on what to do with the money until you have all of the estate issues completely resolved. In my opinion a good "financial guy" would advise you to do this before he sells you any investments and starts making commisions on your money.

[jerp]

Being named the beneficciary of the IRA'S is what I think had him stumped I think. He couldn't tell me the best way to receive them nor could he tell me if they would have to stay set up and ditributed based on parents age or my age.... Anyway thanks again I will keep researching..

In a "Beneficiary IRA" the annual Required Minimum Distribution (RMD) is calculated based on your age. At the end of every year the 12/31 value of the account is multiplied by a factor provided by the IRS to come up with the minimum you will have to take out in the next calendar year. Of course you can take out more if you want to - whatever you are willing to pay taxes on.

[doghouse]

Just left the lawyers office settling my mothers estate and its about 5 million before any death taxes kick in.

[Shane]

Being named the beneficciary of the IRA'S is what I think had him stumped I think. He couldn't tell me the best way to receive them nor could he tell me if they would have to stay set up and ditributed based on parents age or my age.... Anyway thanks again I will keep researching..

In a "Beneficiary IRA" the annual Required Minimum Distribution (RMD) is calculated based on your age. At the end of every year the 12/31 value of the account is multiplied by a factor provided by the IRS to come up with the minimum you will have to take out in the next calendar year. Of course you can take out more if you want to - whatever you are willing to pay taxes on.

jerp nailed it.

[Russ79]

One thing I do know, you can receive $13,000 annually from an estate without being taxed on it. Members of my family are currently receiving that much from an aunt who is in a nursing home (and there are 21 of us). Of course, she is still living so that probably makes a difference- the lawyer for her estate is doing this to reduce the estate value to lessen the estate tax blow when she does pass.

[Grayson]

One thing I do know, you can receive $13,000 annually from an estate without being taxed on it. Members of my family are currently receiving that much from an aunt who is in a nursing home (and there are 21 of us). Of course, she is still living so that probably makes a difference- the lawyer for her estate is doing this to reduce the estate value to lessen the estate tax blow when she does pass.

Yes...it's over $14,000 I believe...and technically it's not an "estate" since she is still alive. But yes, one way to reduce potential estate tax liability is to literally give your money away as gifts in increments.