The GOP Response to Biden’s Rescue Act Is a Massive Gift to Wealthy Heirs

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(03-13-2021, 01:51 AM)Benton Wrote: Kind of off topic, but the issue of the 'estate planning industry' drives me crazy.

My parents have some cash. They worked for it, they invested wisely, they earned it. And like most decent folks, they want to pass it on. For several years they've tried to talk me into transferring my accounts to their guy because he's convinced them if I don't, estate taxes will eat up it all up. I've tried explaining to them that while they've got a decent nest egg, it's not so large the rest of the family has to take out accounts with this sack of crap to avoid taxes.

It probably varies by state.  But in Ohio it's always best to have a will, but, one should also name beneficiaries within your accounts.  It's really a simple step but naming a beneficiary(s) exempts taxes.  A will by itself, and stuff can be taxed.  Being tied together with the same financial guy shouldn't matter not one bit.  A judge is the one who disperses the money, and the state of Ohio wont tax it if beneficiaries are named.