If the child is the direct beneficiary, then all of the IRA assets go to the child upon the mother's death and are subject to income tax.
If you inherit a checking account with $82,000, then there is no step up in basis.
Life insurance is an important method of estate transfer to at least consider because death benefits can pass to your heirs essentially free of taxes.
Our estate tax laws allow the heirs to inherit property with a new cost basis which is equal to the fair market value.
There are lots of cases where someone names a trust as beneficiary because the husband (or spouse) is a bad money manager.
These issues are extremely complicated.
This is not an uncommon type of estate planning. There are lots of people with sizable retirement plans with a single child as beneficiary, or minors as beneficiaries.
Upon death, heirs receive a step-up in basis.
We have a lot of cases where couples are in second marriages and each has children of their own.
This website focuses on proverbs in the Swedish, Danish and Norwegian languages, and some parts including the links below have not been translated to English. They are mainly FAQs, various information and webpages for improving the collection.
This website focuses on proverbs in the Swedish, Danish and Norwegian languages, and some parts including the links below have not been translated to English. They are mainly FAQs, various information and webpages for improving the collection.