Mike Janko
Mike Janko
bad cases husband lots money names trust
There are lots of cases where someone names a trust as beneficiary because the husband (or spouse) is a bad money manager.
benefits consider death estate free insurance life method pass transfer
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.
receive
Upon death, heirs receive a step-up in basis.
cases children couples marriages second
We have a lot of cases where couples are in second marriages and each has children of their own.
account checking inherit step
If you inherit a checking account with $82,000, then there is no step up in basis.
assets child death direct income ira subject
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.
child estate lots people plans retirement single type uncommon
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.
allow basis cost equal estate fair inherit laws market property tax
Our estate tax laws allow the heirs to inherit property with a new cost basis which is equal to the fair market value.