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

[Benton]

(03-13-2021, 07:56 AM)Goalpost Wrote: 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.

(03-13-2021, 10:17 AM)GMDino Wrote: Some planning is very beneficial.  A will at minimum.

In my case I am fortunate that my sister works for an attorney...and she and get along.   So when the time comes we are already completely prepared.  On my wife's side my nutty MIL and one set of in-laws is way over complicating things because she wants to treat "everyone fairly" and they want "what is coming to them".  And trust me that is not much at all.  Its a bigger problem because she wants my daughter and son in law to buy her house and most of us said great we don't want anything from the proceeds but my MIL doesn't care.  She care thinks we all care about money as much as she does.  Its sad and infuriating at the same time.

I'm not sure onall of Kentucky law, but, yeah, who manages their account has nothing to do on taxation.

They do have a will, which should make things fairly simple when the time comes. Some larger tangible items are designated (farms, houses, etc), and the rest is just split.