Actually receiving an inheritance from someone who has passed away isn’t a taxable event, but how much tax you’ll pay when you take money out of that asset—for example by selling a stock or distributing money from a retirement account—depends on the asset itself. Here’s why. Got a step-up in basis? You’ll owe less tax if you sell. When an heir receives an asset from a decedent, the value of the property must be determined.

Let’s be honest. Figuring out your insurance premiums can feel chaotically complicated. Tax laws are cryptic, options depend heavily on individual circumstances, and the whole system can all feel far too complex to navigate. I can feel your eyes glazing over already. It’s a wonder we don’t all rip up the papers and walk away...

Download the PDF version of this checklist: Private Wealth Design Checklist