Passing on Your Assets Smoothly

In today's episode, we're talking about the significant wealth transfer happening as baby boomers prepare to pass on their accumulated wealth. With so many people leaving behind substantial legacies, it's important to understand how to manage and optimize the assets you're leaving behind. Listen in as Toni and Tyler talk about the impact different types of accounts can have on your loved ones after you're gone.

In this conversation, we talk about the perks of non-qualified accounts, including the advantageous "step-up in basis" rule, and the complexities of inheriting tax-deferred accounts like IRAs and 401(k)s. 

Don't let your legacy become a financial headache for your loved ones. Start conversations with your family and financial advisor sooner rather than later to ensure a smooth and efficient transfer of your wealth!

Here’s what we discuss in today’s show:

• Advantages of non-qualified accounts and the step-up in basis rule that can save your beneficiaries significant taxes
• The complexities of inheriting tax-deferred accounts like IRAs and 401(k)s, and the tax burdens that come with them
• Minimizing tax burdens through tools like Roth conversions and life insurance

Key Takeaway

“If you're leaving behind a legacy… if it's all tax-deferred money, that's a tough thing for somebody that's inheriting that. There's a lot of rules around that now.”

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