Good Financial Reads: Let's Talk About Legacy Planning

2 min read
September 09, 2022

Lets Talk About Legacy Planning

What To Do When Your Loved One Dies + Checklist

by Elliott Appel, Kindness Financial Planning

When someone dies, they often leave behind a mess that needs to be sorted through. There is a web of personal belongings, bills, and financial accounts that need to be handled. 

You may be the widow, executor, a family member, or a friend that is tasked with picking up the pieces. After the death of a loved one, it often takes more than a year to navigate the bureaucratic nightmare left behind. Unfortunately, you have to do this while grieving.

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Inheritance IRA: What Should I Do With An Inherited IRA?

by Alvin Carlos, District Capital Management

Have you recently received an inheritance IRA but you aren’t sure what to do with it? Inheriting an IRA can be a generous gift but often people aren’t clear about the rules associated with it. Withdrawal rules and taxes will depend on your relationship to the original account owner and whether the account is a Roth IRA, Traditional IRA, SEP IRA, or SIMPLE IRA. It’s important that you understand all of the rules for an inherited IRA so that you don’t receive a significant penalty from the IRS. 

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Why Annuities May Not Be Great For Legacy Planning

by Scott Monk, Charis Legacy Partners

If you’ve maxed out your retirement savings vehicles, such as 401ks and IRAs, and still have discretionary income to save, you may be considering tax-deferred annuities. While annuities have their advantages, for those with strong legacy goals, they’re usually not the best option, especially if charitable giving factors heavily into those legacy goals.

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Strategies For Minimizing Exposure to Estate Taxes and Gift Taxes

by Scott Monk, Charis Legacy Partners

Every dollar of wealth surplus not paid to the IRS is one more dollar that can be used for legacy giving. Keeping that in mind, a major goal of financial planning (and especially estate planning) is minimizing exposure to transfer taxes (e.g., gift taxes assessed on transfers made during your lifetime and estate taxes assessed on post-death transfers). Thankfully, there are plenty of options for minimizing your exposure to transfer taxes, which leaves you with more money you can put towards your charitable or inheritance legacy.

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