“Would You Ever Turn Down Money?”

“Would You Ever Turn Down Money?”

Gene Dickison Gene Dickison

Gene Dickison

Creator More than Money Radio, TV, Media & Print-President of MtM Financial Group-Investment, Tax & Financial Advisors

发布日期: 2020年8月19日
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Maybe you would – for a good reason. In certain situations, inheriting money causes more problems than it solves. If you are in position to inherit a significant sum of money – that you do not need – you might wish to decline (the legal term is disclaim) those funds if they were then to pass to your children.

If you take title to the assets you will pay income tax on any profits generated in your lifetime and then your children will pay inheritance taxes at your passing. If you disclaim the inheritance it could go directly to your children for their immediate benefit and – likely – save taxes along the way. 

A disclaimer is a tool only to be used with the counsel of an experienced estate planning attorney. If you think you might need quality estate counsel – let us know.

If you have questions or comments, please send them to [email protected]

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