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So You are the Beneficiary - Now What?
Manage episode 361019392 series 3468502
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Brian Akers and Alex Monk discuss inheritance tax implications and the importance of understanding beneficiary rules and tax strategies. They highlight various scenarios, such as inheriting from parents, spouses, siblings, and friends, and emphasize the need for a financial advisor to guide beneficiaries through the probate process in Maryland. They also discuss the tax implications of inheritances, including the step-up in basis and the importance of establishing the date of death value for tax purposes. Additionally, they provide advice on how to handle other tax-free options like life insurance and bank accounts, and emphasize the importance of proper beneficiary designation in estate planning to minimize conflicts and ensure client wishes are fulfilled.
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