Estate | Ed Slott and Company, LLC

Estate

Sometimes It Pays to Treat Your Kids Unequally

As the father of more than one child, I understand the desire to try and treat children as equally as possible. You certainly don’t want one child to think you love him/her any less, or more, than your other children (though children will inevitably feel that way at one time or another), and you want the best for all of your children. But while children may share the same parents, may grow up in the same house and may be raised in the same manner, they are very much like snowflakes. Each one is truly unique. For those not set on a predetermined course of action when developing an estate plan, there are definitely scenarios where, from a purely financial perspective, it can pay to treat children differently. In fact, doing so can, in some cases, leave everyone with more than they would have otherwise.

What You Should Know Before You Name an HSA Beneficiary

If you have an HSA, you will want to give some thought to what will happen to this account after your death. The rules are a little tricky and careful planning is important to minimize the tax bite.

Roth Conversion Taxes and Trust as A Beneficiary for a 403b

This week's Slott Report Mailbag looks at taxes associated with converting a Traditional IRA into a Roth; we also have a 2-part question regarding a living trust as the designated beneficiary on a 403b Plan -- that living trust then designated her children as equal beneficiaries.

Using Your IRA to Buy Your First Home

Your IRA savings are intended to be used for your retirement. However, if you are like many others, your IRA may be your biggest asset. If you are looking to become a home owner, you may need your IRA funds to make that happen and there is a special break in the tax code that can help you.

Without A Living Beneficiary, Does The IRA Go to The Estate?

This week's Slott Report Mailbag answers a couple questions regarding beneficiaries of an IRA.

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