What Happens When You Inherit Money? | Ready Aim Retire Ep 48 скачать в хорошем качестве

What Happens When You Inherit Money? | Ready Aim Retire Ep 48

In this episode of Ready Aim Retire, Rob Kirvan and Tony Shore break down what really happens when you inherit money—and why good intentions can lead to costly tax mistakes. Whether you're inheriting a house, investment account, or IRA, Rob explains how different assets are taxed, what the “step-up in cost basis” means, and why adding your children’s names to property could cost them tens of thousands in taxes. Rob also dives into the critical differences between inheriting traditional vs. Roth IRAs and how recent law changes affect your options. If you’re planning your estate or expecting to receive one, this episode is a must-listen for protecting wealth and minimizing tax burdens. Timestamps: 00:00 - Intro and long weekend office expansion 03:50 - Office renovations and building a bigger space for events 07:00 - The truth about inheriting money 08:15 - Why taxes complicate inheritance 08:47 - Inheriting a house: the step-up in cost basis explained 10:49 - Real-life example: Rob's experience with inherited property 13:14 - Investment accounts and how step-up rules apply 14:41 - What NOT to do: putting your kids on the title 19:53 - Inheriting an IRA vs. Roth IRA 21:00 - Tax hit from cashing out an inherited IRA 22:11 - How to stretch taxes over 10 years on an inherited IRA 23:22 - Common mistakes with inherited IRAs 25:35 - Inheriting a Roth IRA: the best-case scenario 27:16 - Why Rob only offers Roth 401(k)s at his firm 28:00 - Final advice: plan now to avoid mistakes later 29:01 - How to get in touch with Rob and AP Advisors Group 📞 Want personalized financial advice? Reach out to Rob Kirvan at AP Advisors Group for guidance on preparing your portfolio, no matter the political climate! 👉 Call us at 630-780-1099 👉 Visit us at www.apadvisorsgroup.com Let us know your thoughts on the topics discussed or give us any feedback to make the future episodes better! #FinancialPlanning #RetirementPlanning #WealthManagement #EstatePlanning #LegacyPlanning #FinancialAdvice #FinancialEducation #MoneyManagement #InvestmentStrategies #Trusts #Wills #Probate #FinancialAdvisor #Retirement #Taxes #Inheritance #IRA #401k #LifeInsurance #FamilyLegacy #FinancialSecurity #FuturePlanning #retirement #retirementplanning #SocialSecurity #illinois #naperville #MarketUpdate