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Mar
14
Wealth Due to Inheritance, Part Two
Wealth Due to Inheritance, Part Two Tax consequences of an inheritance Income tax considerations   In general, you won't directly owe income tax on assets you inherit. However, a large inheritance may mean that your income tax liability will eventually increase. Any income that is generated by those assets may be subject to income tax, and if the inherited assets produce a substantial amount of income, your tax bracket may increase. Once you increase your wealth, you should look at ways to minimize your overall tax liability, such as shifting income, giving money to individuals or charity, utilizing other income tax reduction strategies, and investing for growth rather than income. You may also need to re-evaluate your income tax...
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Mar
14
Wealth Due to Inheritance, Part One
Wealth Due to Inheritance If you're the beneficiary of a large inheritance, you may find yourself suddenly wealthy. Even if you expected the inheritance, you may be surprised by the size of the bequest or the diverse assets you've inherited. You'll need to evaluate your new financial position, learn to manage your sizable assets, and consider the tax consequences of your inheritance, among other issues. Issues that arise in connection with an inheritance  If you've recently received a bequest, consider the possibility that the will may be contested if your inheritance was large in comparison with that received by other beneficiaries. Or, you may decide to contest the will if you feel slighted. If you're the spouse of the decedent, you...
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 Securities, insurance products, and investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC. Additional insurance services offered through SGM Agency, LLC. Smith, Moses & Company, LLC and SGM Agency LLC are not affiliated with FSC Securities Corp.



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