Episode Details

Want to pass down wealth without getting crushed by taxes? You’re not alone—and there’s a smarter way. Gifting big sums to young heirs? Watch out for the “kiddie tax,” which can hit unearned income at your higher rate, not theirs. Retirement accounts? Inherited ones come with distribution deadlines and no step-up in basis, meaning you might owe taxes on decades of appreciation. Converting to Roth IRAs can help—pay taxes now, get tax-free payouts later—but heirs still face a 10-year withdrawal window. Trusts can skip a generation and deliver funds to grandkids, but they’re complex and can carry their own tax penalties. Bottom line: If your assets are substantial, team up with an estate attorney and tax pro. Strategic planning beats guesswork—and keeps more of your legacy in the family.

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