Description

Do you ever find yourself contemplating the complexities of inheritance, property transfer, and estate planning? Well in episode 67 of Building Wealthy Habits, we are tackling common misconceptions surrounding these topics, particularly regarding the implications of putting children on property titles and the tax benefits of inheritance. Randy and Jeremiah emphasize the importance of understanding gifting limits and the necessity of testing financial responsibility in family gifts. Tune in as we also cover the intricacies of estate planning for high-value assets and the significance of comprehensive planning to avoid pitfalls, especially concerning retirement accounts and estate taxes.

In This Episode:

• Many clients misunderstand the implications of putting children on property titles.
• Inheritance can provide significant tax benefits through a step-up in basis.
• Gifting has limits, but exceeding them doesn't necessarily incur taxes.
• Testing financial responsibility in children is crucial before large gifts.
• Estate planning should be proactive, especially for high-value assets.
• Retirement accounts have different rules regarding inheritance and taxation.
• Comprehensive estate planning is essential for effective wealth management.
• The tax code is complex and requires regular review and planning.
• Families often overlook the importance of discussing estate planning openly.
• Wealth management involves integrating estate planning with overall financial strategies.

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn: https://www.linkedin.com/in/rkbarkley/
Email: Randy@tricordadv.com