The specific scenario details:
My parents will have anywhere between $750,000-$1.5mm when they pass and they were trying to figure out what would be the best way to limit the tax obligation for myself and my siblings when we eventually inherit the funds.
I do plan on asking an estate attorney but I was hoping those in the community who have been in similar situations or those who have experience in an industry that deals with this could offer some of their real world advice.
Thank you for the help!
Some ideas we had first:
- Add the siblings as joint or co-signers on existing accounts and when they eventually pass the siblings and I would have access to funds. We’re not sure how this would affect the siblings though. Would the funds in the account be considered income at this point?
- Add the siblings and myself as beneficiaries on existing accounts. When they eventually pass any remaining funds would be distributed equally to the beneficiaries.
- Placing the accounts in a Trust and add myself and my siblings as trustees or secondary trustees.
- We know there is an option for gifting some funds every year but the siblings and I want our parents to keep the funds and use them in their retirement as much as possible. So we didn’t think this would be a viable route.
Any and all advice is appreciated! Thank you!
Submitted November 12, 2021 at 07:16AM by OhSnappitySnap https://ift.tt/3onril5
