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re: What to do with half mill?
Posted on 4/26/14 at 12:04 pm to purpngold
Posted on 4/26/14 at 12:04 pm to purpngold
quote:
Please elaborate on "payable on death options"
Basically, it has a beneficiary so the money spent go thru probate and get taxed heavily.
Why diesnt he do something like gift the max amount to each kid each year, I think it's $13k/year (double if kid is married). It's tax free and it's a way to transfer it to whoever he wants.
Talk to a financial guy you trust. They will explain how to keep it away from taxes. If he dies w that much cash, the tax man cometh!
3
Posted on 4/26/14 at 12:26 pm to GeeOH
quote:
Why doesnt he do something like gift the max amount to each kid each year, I think it's $13k/year (double if kid is married). It's tax free and it's a way to transfer it to whoever he wants.
If my wife and I are in a similar situation, this is probably what we'll do. I'd much rather see my kids enjoy my gift while I'm living
Posted on 4/26/14 at 5:37 pm to GeeOH
quote:
Basically, it has a beneficiary so the money spent go thru probate and get taxed heavily.
The primary reason to title/name an account with POD designation is to AVOID probate. The person named as the POD recipient gets a stepped-up basis with no personal income tax or gain implications.
Posted on 4/27/14 at 6:35 am to GeeOH
Taxes at death are a non issue. I would invest it as if he was 65-70. Good balanced funds and shorter term bond funds that yield around 2.5%-3.5%.
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