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Reply to "If you knew you would inherit $6M, would you do things different?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Is any of that $6M in a 401K? If so, you have to pay income taxes on it with ten years so it may be worth far less to you. Ask me how I know. [/quote] One idea for 401k money is to have your children (if they are adults) the beneficiaries of your parents pre-tax money. They will likely be in a much lower tax bracket. [/quote] My kids are in elementary so this doesn't help me, but isn't there a generation skipping tax? My mom once mentioned leaving like 50k to each of my kids, but I thought I read about this tax in that case. [/quote]
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