We have a modest 2 annuities, our modest IRA’S which we take the minimum mandated amount, I have my own checking account for SS. Hub has his own for his USN pension, Jr College Prof’s pension. Paid for house and cars. Neither of which are large. Wrong time frames.
We tied everything into 2 trusts, Family issues from our 2 sets of kids forced that. Marital for the 1 who passes first. Enough for me to live modestly. He’s nearly 81, I’m nearly 73. 2nd trust go to our kids, weird spilt as We are a blended remarried family. His is property mainly, money is mine, mainly left over life ins. and the small IRA from my late husband.
What does this death tax do to that?
Oh gosh, I am sorry but I don’t know. I did take a tax course 30 years ago but I don’t know enough to be helpful or give safe advice. And at this point, nobody really knows what will pass Congress. I heard that what Comrade Bernie is proposing would not take effect until the end of the year. But I suppose changes could also be retroactive. Buckle your seatbelt - elections have consequences, even stolen ones.