Taxes and Beneficiaries: Estate, Income and Capital Gains

Dear Liza: My aunt died recently, leaving her estate to me and my four siblings, in equal shares. She owned stocks and bonds, and some farmland in Iowa. Will I have to pay taxes on my share of the distributions? That’s such a good question! You are most definitely not alone — almost everyone whoContinue Reading

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Who Gets the Life Insurance and How?

Dear Liza: My mother passed away recently and had everything, including her checking, savings, etc., in a living trust.  But one of her other insurance policies had my deceased father listed as beneficiary.  The insurance company is telling me the proceeds from that insurance policy needs to go thru probate.  The policy is worth $10,000. Continue Reading

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Reducing Capital Gains: Step-up in Basis, The Basics

Dear Liza: My parents a house in 1995. They put the house in a trust in 1998 with me and my 2 brothers as beneficiaries. My dad passed away in 2007 and my mom in 2015. The house is now for sale . I’m not sure what the tax basis should be. That is a really goodContinue Reading

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