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So Money with Farnoosh Torabi
1695: Ask Farnoosh: Managing Financial Windfalls: Inheritances, Severances and More
Jul 12, 2024
Pam Krueger, founder of Wealthramp, and Marienela Collado discuss managing financial windfalls like inheritances and severances. Topics include teaching kids about money, strategies for handling lump sums, tax implications, and setting up special needs trusts. Also, advice on A3B election for tax planning.
49:37
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Quick takeaways
- Inheritances are non-taxable for recipients, emphasizing the importance of maintaining step-up in basis.
- Setting up third-party trusts for special needs beneficiaries safeguards against estate recovery and allows for government assistance prioritization.
Deep dives
Step Up in Basis for Inheritances
Inheritances are not taxable for the recipients, ensuring no tax burden on the recipient. It highlights the importance of not transferring assets before a parent's passing to maintain step-up in basis, which eliminates capital gains tax on inherited assets.
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