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Is Social Security Going To Run Out In Your Lifetime?

We get regular updates on the Social Security trust fund. In early May, the Social ...

The post Is Social Security Going To Run Out In Your Lifetime? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Thriving on the Uncertainties In Investments

We all like surprises, right? Well not exactly. We like the surprises that we want. ...

The post Thriving on the Uncertainties In Investments first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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9 Facts About Retirement

Retirement can have many meanings. For some, it will be a time to travel and ...

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Working With A Professional To Understand The Rules Of Inherited Assets

January 23, 2023

If you’re anticipating receiving significant inherited assets, it’s crucial to know that these rules can be complicated. Depending on what you pass on and the strategy you choose to do it, or the circumstances in which you inherit, the person receiving the asset may be responsible for taxes. It’s in your best interests to plan ahead and determine all possible tax consequences, including to understand when a step up in basis applies.

There are some situations when a beneficiary may be able to benefit from what is known as a step up in basis provision for taxes. This allows you to have the inherited property receive a valuation equal to its fair market value at the time of the person who owned it passed away, rather than the lower price at which it was originally purchased.

The primary reason for doing this is to help minimize capital gains taxes on inherited assets that appreciate over time and gain significant value. Inheritance rules can be very specific and complex, especially depending on where you live. The support of an experienced and qualified financial professional may be necessary for helping you to work through the most appropriate ways to allocate your inheritance and to ensure that you’ve considered all possible options. You may be able to adjust your transfer strategy to better account for tax implications.

At Shah Total Planning, we work with many people who are navigating this process for the very first time to create both short term and long term financial goals that incorporate maximum use of the inheritance. Set aside a time to meet with a member of our team today to discuss upcoming gifts and taxes.


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Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
Is Social Security Going To Run Out In Your Lifetime?

We get regular updates on the Social Security trust fund. In early May, the Social ...

The post Is Social Security Going To Run Out In Your Lifetime? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Thriving on the Uncertainties In Investments

We all like surprises, right? Well not exactly. We like the surprises that we want. ...

The post Thriving on the Uncertainties In Investments first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
9 Facts About Retirement

Retirement can have many meanings. For some, it will be a time to travel and ...

The post 9 Facts About Retirement first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more