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With very few exceptions, non-spousal beneficiaries must fully distribute inherited IRA assets within 10 years.
Capital Assets
When not owned in a qualified retirement plan, stocks, bonds, mutual funds, ETF’s and real estate are all considered capital assets. When held for more than one year they are subject to a reduced Capital Gains Tax rate when sold for more than the purchase price (cost basis).
When these assets are transferred or given away to others during the primary owner’s lifetime, the recipient inherits the original cost basis. Accordingly, when sold gains would be subject to full
taxation at the recipient’s Capital Gains Tax rate.
Assets transferred at death, however, receive a step up in cost basis to the value on the date of death. This step up in basis can significantly reduce or eliminate all tax liability when the assets are subsequently sold.
It’s a lifelong commitment that sets us apart from other financial advisors today.
We are sorry for your loss. Together we will get through this...
In wake of that loss, it’s not that easy making financial decisions, but you don’t have to make them alone. Securing income and distributing assets in a tax efficient manner is important. Knowing where to begin is a challenge at best. We are here to listen to your concerns and help guide you through the process.
Financial Planning • Insurance/Risk Management • Retirement Planning Wealth Management • Inheritance Planning
Peter Congilose Phone: 732.528.4800 ext. 207 Peter_Congilose@ca-strategy.com Executive Vice President Office: 732.528.4800 111, Route 34 South Wall, NJ 07719