Posts Tagged ‘Beneficary’

The Difference Between an Inherited Asset and a Gift Received


Whether you receive an asset from inheritance or from a gift can have significant tax impact when this asset is sold.

Inherited Asset

For an inherited asset you generally take this asset over at the Fair Market Value at the Date of Death. This value would be listed on the probate inventory.  Additionally for a Connecticut decedent it would be listed on … Continue reading »

How to Plan Your Estate and Live Happily Ever After

Ask many people if they have an estate plan and they just roll their eyes.  With the Federal Estate Tax Exclusion at $5.12 million most people will not be subject to estate taxes.  In Connecticut, the exclusion is $2 million and many people won’t be subject to this tax.  So…why do I need an estate plan?

4 Reasons Everyone Should Contribute to a Roth IRA

1) Tax – Free Distributions

If the Roth IRA account is open for at least 5 years and the taxpayers is over age 59 1/2, then all of the distributions from the Roth IRA are tax-free.


2) Take Your Contributions Back at Any Time

Unlike a Regular (or Traditional) IRA, contributions to a Roth IRA are not income tax deductible. Because the contribution is not tax deductible, taxpayers can take back their contributions at any time without any income … Continue reading »