What is a Stepped-Up Basis for Inherited Property

What is a Stepped-Up Basis for Inherited Property

According to the Internal Revenue Code, when a beneficiary receives an asset from a benefactor after the individual passes away, that asset typically receives a stepped-up basis.  This is the market value of the asset at the time the benefactor passes away.  The...
How Much Money Can I Inherit Before Having to Pay Taxes on It

How Much Money Can I Inherit Before Having to Pay Taxes on It

Typically, only large estates have to pay out taxes, it is likely that you, as a beneficiary, will not have to pay out any taxes. Inheritance Tax An inheritance tax is a tax the beneficiary must pay upon receiving an inheritance. Inheritance Tax – Federal Level...
What Kind of Insurance Should I Buy to Prepare for End of Life

What Kind of Insurance Should I Buy to Prepare for End of Life

We all must deal with the fact that at some point in time we will face the inevitable and need to prepare for end of life.  If you are trying to put some plans in place and are looking into insurance, then here are some ideas that will hopefully help you out. Types of...
Why Naming Beneficiaries on Assets Outside a Will is Important

Why Naming Beneficiaries on Assets Outside a Will is Important

Individuals have the ability to designate beneficiaries directly on assets such as investments, annuities, insurance products, and registered plans.  By choosing to handle assets in this manner, the proceeds of the assets go directly to the beneficiary (or...
What is Probate?

What is Probate?

Probate is the court process through which a will is proved valid or invalid.  It is the legal process for administering the estate of the deceased. Steps Authenticating the Last Will and Testament Most states require that a will be filed with the probate court as...
What is a Trust

What is a Trust

A trust is a document that specifies how you want your property handled after you pass away.  Setting up a trust allows you to ensure that your beneficiaries responsibly handle their inheritance by setting up guidelines.  In a trust, you have the power to determine...