Taxable Account

Taxable Account

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Taxable Account

Taxable Account definition:  Taxable accounts are good candidates for leaving to heirs because the holdings are stepped up in basis at the date of death.  Heirs will not be required to take distributions from the inherited account and capital gains are minimized by the step-up in basis.  (Compared to inherited IRA’s which will require distributions and income taxes on distributions.)

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