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My husband and I are in our 60s. Last year when we went to the Financial Planner who did our income taxes, he told me that if my husband were to die, I would immediately owe $97,000 in taxes to the Govt on his IRA. His IRA is around $300,000.
Is it true that if he should expire, that I would have to pay all that tax in one lump sum?
Would the amount that is left be available to me?
Would it be rolled into my own IRA, which is considerably smaller?
Would my husband's IRA money be unavailable to me until a probate was done?
We have been married over 40 years.. the kids we have are ours..and adult.
Is there any information in the Fool's world about trusts and how to protect assets?
thank you
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