Receiving an inheritance can be exciting, but there are tax implications when you inherit money or property. Whether your inheritance is taxed depends on the amount youre inheriting and the state you live in. Here’s what you need to know about inheritance tax and how to pay as little as possible if you recently got … Read more
If you dont properly protect your assets, they can potentially be lost in a lawsuit, bankruptcy, or to other creditor actions. Its important to understand the laws that can provide asset protection and to know what measures you can take to protect your savings. Are you afraid that creditors will come after your hard-earned money? … Read more
It’s not unusual for people who are deeply in debt to look to their 401(k) as a possible way out. There are a lot of Americans who are stuck between their growing credit card balances and the allure of their retirement savings. But there’s something important you need to know before you take out that … Read more
Are you scratching your head trying to figure out how to report that IRA distribution on your tax return? Don’t worry – you’re not alone! Every year, millions of Americans take distributions from their Traditional IRAs and then face the sometimes confusing task of properly reporting these withdrawals to the IRS. In this comprehensive guide, … Read more
When someone dies and leaves behind things they owned but didn’t say how to be distributed in a Will or on the property’s title, they may have to go through the probate process. The probate court will remove the decedent’s name as owner of these estate assets and transfer them to those who have a … Read more
So you’ve finally done it. You’ve finally reached the promised land of retirement after years of getting up early to work and saving hard. Now you have to figure out what to do with all the money you’ve been saving for retirement. I’ve spent years studying how to retire, and let me tell you, there … Read more
When a parent passes away, navigating financial matters adds another layer of complexity to the grieving process One common question that many adult children face is whether they can inherit their father’s pension benefits The answer isn’t straightforward and depends on several factors including the type of pension plan, beneficiary designations, and specific plan rules. … Read more
Estate law is very important for making sure that someone’s wishes are carried out correctly after they die. For individuals who have taken the time to draft a will, the document is meant to serve as a final testament to how their assets should be distributed and who should care for their affairs. However, what … Read more
The federal government gives tax breaks to people who put money into a qualified retirement plan, such as an IRA or 401(k). This is done to encourage people to save for retirement. However, there is a catch: if you take the money out of the plan before you retire, you might have to pay extra … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Bankrate is always editorially independent. While we adhere to strict , this post may contain references to … Read more