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401k Roth or traditional 401k?
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Hello All, In the next couple of months i am targeting companies like Apple , American express, Salesforce, Microsoft etc. Can anyone please share the required skill set and preparation strategy for these companies? YoE - 4 years Current skill set - Advanced SQL , Pyspark,Azure services, Hadoop ecosystem , shell scripting, Power BI
I am not very good at DSA.
Apple Microsoft Salesforce Amazon
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401k Roth or traditional 401k?
Decided to payoff my mortgage.
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Federal estate tax applies at the decedent level, not the heir. And if the inheritance is coming in a few months, it's too late to do any tax planning for the decedent.
And fair enough on the inheritance tax thing. There are like five states that do tax inheritances. Not much to do in avoiding those besides establishing residency elsewhere before you have full rights to the inheritance.
Mentor
Yes - it’s an important distinction because any potential tax savings is not in OPs power.
If you're in the United States, there is no tax to you upon inheritance.
If inheriting a large retirement account the distributions are taxed as income but you have 10 years to draw down and can push the withdrawals to your early fire years
Mentor
Definitely worth talking to a tax professional to get some suggestions. 7 figures in assets will qualify you as a sophisticated investor, which gives you some options as far as what you can invest in.
Are you married? Do you have a W2 job? Exploring what it means to be a real estate professional would unlock some interesting deduction options if you invested in real estate, either directly or indirectly thru syndications.
https://youtu.be/njJ41irPjTc
Folks are focusing on inheritance tax, but missing the part of question about how to invest going forwards for growth & to minimize future tax on investment gains
I’m not sure if there are a lot of good options here, but others may know more.
Thank you All! I am married and am on a W2. The tricky aspect of all this is that I’ll be receiving this all in stocks… I just don’t know if I should liquidate? Hold for a year and liquidate? Transfer all the stocks to an IRA? If I liquidate, idk what the tax implications are… I’m just concerned that one bad move might result in 40%+ in taxes… I just don’t know what the sound move is here to pay the least amount of tax and maximize the growth, but sounds like I should find a financial advisor to consult this
If the stocks are in an IRA, you’ll be moving that account to an inherited IRA. There will be no reason to leave them in the exact investments they are today. Assuming the person passed away in the last 20 months, you will be following the 10 year rule. Withdrawing from the IRA will mean that you will pay income tax on all withdrawals. As stated above, talk to a professional.
Charitable trust :)
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