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Bill
Bill, Enrolled Agent
Category: Tax
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Experience:  EA, CEBS - 34 years experience providing financial advice
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My father has between 50 & 80 thousand in cds. No other heirs.

Resolved Question:

My father has between 50 & 80 thousand in cd's. No other heirs. Simple will. He told me I get everything, except 1000 to 2 other people. How much will inheritance tax be? Is there anything that we should do to affect tax reduction? I live with him and care for him. He's 88 yrs old.
Frank
emailXXX@XXXXXX.XXX
Submitted: 4 years ago.
Category: Tax
Expert:  Bill replied 4 years ago.
Assuming he has no other assets, then there will no federal estate taxes because the value of his gross estate is not large enough to be subject to taxes this year or next year. If he is a resident of FL then there will be no state estate or inheritance taxes because FL does not impose any of those types of taxes.
Customer: replied 4 years ago.
My income is only 25k/yr. plus have 401k valued at 32,500. I'm 57 yrs old. Just started new job. Will have to roll over current 401k. Fully vested. Any more advice?
Expert:  Bill replied 4 years ago.

Assuming you don't plan on withdrawing the funds for spending needs, then you should have the funds directly rolled over from the 401(k) to an IRA in order to continue tax deferral on the assets. You can open an IRA at a bank, insurance company, or investment firm. Depending on the institution that you open the account with, you may have the option of investing in CDs, stocks, bonds, mutual funds or an annuity.

The 401(k) plan will provide you with the the forms to complete to elect the rollover and there will be a section for you to provide the IRA account information.

Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3078
Experience: EA, CEBS - 34 years experience providing financial advice
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