Inherited Accounts: Will your kids pay taxes? Tax Reduction Strategies Revealed!

In This Video:

Will my children have to pay taxes on the accounts they inherit? We got this question recently from a couple who has done a great job saving and accumulating. They don’t plan on using all the money so they want to transfer as much of their money to their children and not the IRS.

Things to Consider:

Whether you plan to pass money to your children or other family members, we want you to be aware of how to answer this question so we’ll break down the three account types that matter when it comes to the IRS. We’ll explain what each of them mean and then we’ll share some strategies that you’ll want to consider when trying to lower the tax burden for your children.

 

Here’s some of what we discuss in this episode:

0:00 – Intro and setup

1:54 – 3 tax buckets

3:14 – Step-up in basis

5:47 – Tax-deferred bucket

7:28 – Tax-free bucket

8:32 – Strategies

 

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