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Reply to "Beneficiaries for IRA: In children's names or in the name of the trust I have set up for them?"
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[quote=Anonymous][quote=Anonymous]Do you have over the $15MM/$30MM which triggers taxes (and what are NY estate tax thresholds and laws)? It’s true that beneficiaries don’t deal with probate but the trust is to avoid taxes (and also doesn’t go through probate).[/quote] Exactly. Most people don’t need trusts unless they are going to leave a lot of money to young children. The Big Beautiful Bill Act made the federal lifetime estate tax exclusion $16M starting in 2026, $32M if married. The state estate tax varies. The vast vast majority of people will fall under this. Just make sure you have beneficiaries designated for your accounts and possessions. Use a trust if your situation and state probate laws make it easier.[/quote]
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