Mailbag: Should My Dad Gift Money Now to Later Avoid Estate Tax?

As we wrap up the month of February with a few 60-degree days (not to mention a Super Bowl win!) we take the mailbag as David answers some listener questions. To start, Jason is wondering how to best handle his 401(k) after retiring. Then Megan wants to know the best way her dad can wisely gift money to avoid estate tax. David explains what the state tax exemption is and who to talk to in order to get the right answers on how best to proceed. Finally, we discuss the capital gains implications of Megan’s dad signing over his house.

 

Here’s some of what we discuss in this episode:

• Mailbag: It’s cumbersome to withdraw from my 401(k). How can I manage it better?
• Mailbag: Should my elderly dad start gifting money now to avoid estate tax after he passes?  
• Mailbag: Should my parent sign over his house to beneficiaries?

 

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.