Should You Turn Down an Inheritance?

October 8, 2024

Accepting money or property inherited after the death of a family member seems like a no-brainer. But there may be situations in which you should indeed look a gift horse in the mouth.

Here’s one example: You inherit your parent’s IRA, which has a balance of $500,000. Funds in an inherited IRA generally must be withdrawn within 10 years, whether you need the money or not, which will significantly increase your tax bill. Now suppose that your child is the IRA’s contingent beneficiary. If you were to reject the inheritance using a qualified disclaimer, it would go to your child. Assuming that your child is in a lower tax bracket, this strategy can substantially reduce your family’s tax bill.

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This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.

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