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Financial Planning / Inheritance Strategies
|Subject: Re: Tax implications of inheriting funds from &q||Date: 11/15/2012 9:41 PM|
|Author: culcha||Number: 5644 of 5761|
... if we are going to get a tax bill, what are our strategies on reducing the tax hit? Does setting up accounts in our children's name (perhaps irrevocable type, if that helps with reducing taxes?) help reduce our tax hit?
I would probably have more questions to come but right now our biggest question is how big of a tax hit we have to expect (hopefully it's not 20% of the entire balance, that would be a lot of money lost to government!).
Thanks in advance for any advice that is shared here!
My advice would be to put this post on the Tax Strategies board http://boards.fool.com/tax-strategies-100155.aspx?mid=303833...
It has much more traffic than this board, and it is frequented by a numbers of well-informed tax pros who are very helpful.
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