Retirement Planning: Five of the Most Common Accounts

By WealthCounsel Staff on Apr 1, 2022 10:00:00 AM

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The road to retirement is different for everyone. Workers have many paths to help save for retirement as they travel toward the same goal. Since retirement funds are an important part of many estate plans, you should understand the most common types of retirement accounts. Read on to learn more about these accounts and their various tax implications.

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Tax Apportionment 101: Planning with Retirement Assets

By WealthCounsel Staff on Sep 3, 2021 10:00:00 AM

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When the federal estate tax exemption is high, the issue of how to apportion death taxes is of less concern to many families. But this issue can cause controversy with taxable estates, blended families, and certain types of assets. If the decedent’s will or trust is silent on the issue of tax apportionment or the decedent died intestate, state law provides default rules that determine which interests or assets in a decedent’s estate bear the burden of paying death taxes. If a certain interest is insufficient to pay the net tax attributable to property passing under the terms of the trust, state law often also provides an order of priority for payment of the balance of the tax owed. However, the terms of the decedent’s will or trust can override these rules; that is, everyone has the opportunity to direct how taxes (and expenses, for that matter) will be paid. In a taxable estate, this may be the most important provision in the testamentary instrument.

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