Inherited metabolic diseases like thyroid disease, cystinuria, gout, albinism, and phenylketonuria can be diagnosed in childhood thanks to genetic screening. Gout causes painful swelling in joints, cystinuria causes kidney stones, thyroid disease affects hormone production, PKU can lead to mental retardation, and albinism causes sensitivity to light. Treatment varies for each disease. Some of the […]
Inherited IRAs have different rules for spouses and non-spouses. Spouses can roll over the IRA and make contributions, while non-spouses cannot transfer or contribute to the IRA. Tax benefits are available, but proper management is necessary. Beneficiaries can choose between two distribution methods, and it is important to clarify intentions in wills and with financial […]
Inherited shares are passed down from an owner to a recipient or heir, often through a will or trust. However, taxes may need to be paid on the shares, and some heirs may have to meet certain qualifications before gaining control of them. Adult heirs can sell or keep the shares as they choose. Inherited […]
Inherited property is tangible assets passed down from one party to another at death, often outlined in a will or enforced as a legal right. Special rights and tax codes apply to inherited property, and estate planning can help avoid steep taxes. Inherited property can also play a role in divorce and family law disputes. […]
Inherited IRAs have different rules for spouses and non-spouses. Spouses can transfer and contribute to the IRA, while non-spouses can only distribute funds or receive regular benefit checks. Tax benefits are available but must be managed properly, and beneficiaries should be designated and discussed in a will. An inherited individual retirement account (IRA) is a […]
Inherited stock is passed from an owner to a recipient or heir, often after the owner’s death. The recipient may have to pay taxes on the shares, and there may be conditions for gaining control of them. The recipient can sell or hold the shares for investment purposes. Inherited stock is any stock passed from […]
Probate assets are assets not bequeathed to a beneficiary and require probate court to transfer ownership to next of kin. This includes insurance policies, bank accounts, and co-owned property. Personal property and retirement funds also require probate action. Non-probate assets, such as trust accounts, do not require probate. It is important to consult legal professionals […]
