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Financial Planning / Tax Strategies
|Subject: Inheritance?||Date: 5/10/2004 7:24 PM|
|Author: Frydaze1||Number: 71772 of 122639|
My Grandfather passed away, and I believe he had a $10k life insurance policy with me as the beneficiary (one for each of his grandchildren).
I am currently in the highest federal tax bracket.
I know nothing about this stuff, except that I believe there is no inheritance tax on this (because of the amount, if nothing else).
Will I need to pay income tax on it? Are there ways I could handle the money (once I receive it, assuming I receive it) that will relieve the tax burden? I do NOT qualify for a traditional IRA, so that's out. I could put some of it in my ROTH, and some in DH's ROTH, but that's not my preference.
Any information would be appreciated.
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