But almost every family who engages in estate planning has assets that have appreciated in value. That means there is the potential for capital gains tax at both the federal and state level when those appreciated assets are sold.
What Are Options That People Consider When Attempting to Protect Their Estate from Nursing Home Poverty?
Lots of mistakes are being made by people who don’t truly understand the intricacies of the Wisconsin Long Term Care Medicaid law and regulations. While you won’t get all the answers in this post, you’ll learn what some of the common mistakes are. So… here are options that just don’t work.
Retirement plans, including IRAs, 401Ks, 403Bs and 457As, are not controlled by common estate planning documents such as wills and revocable living trusts. They transfer to heirs by a beneficiary designation. So whomever you name as the beneficiary when you initially signed that plans document, is the person that will receive the value in the account when you pass away.
A lot of people do not understand the landscape of how an IRA or retirement plans pass to beneficiaries. They do not necessarily understand the particularities and technicalities of how one inherits and their choices presented by fund custodians.