Watch Out for IRD Issues When Inheriting Money

Once a relatively obscure concept, income in respect of a decedent (IRD) can create a surprisingly high tax bill for those who inherit certain types of property, such as IRAs or other retirement plans. Fortunately, there are ways to minimize or even eliminate the IRD tax bite. How it works Most inherited property is free from income taxes, but IRD assets are an exception. IRD is income a person was…  Read more

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