Understanding Per Stirpes Beneficiary Designations
“Per stirpes” is a common estate planning term that determines how assets pass to descendants if a beneficiary dies before you. Greenbush Financial Group explains how per stirpes works, compares it to non–per stirpes designations, and outlines why updating your beneficiary forms is critical for ensuring your wishes are honored.
Inherited IRA $20,000 State Tax Exemption for New York Beneficiaries Under Age 59 ½
Have you or someone you know recently inherited an IRA in New York? There’s a tax-saving opportunity that many beneficiaries overlook, and we’re here to help you take full advantage of it.
Did you know that if the decedent was 59 ½ or older, you might qualify for a $20,000 New York State income tax exemption on distributions from the inherited IRA—even if you’re under age 59 ½? This little-known benefit could save you a significant amount on taxes, but navigating the rules can be tricky.
Topics covered:
🔹 The $20,000 annual NY State tax exemption for inherited IRAs
🔹 Rules for New York beneficiaries under age 59 ½
🔹 How this exemption can impact the 10-Year Rule distribution strategy
🔹 How tax exemptions are split between multiple beneficiaries
🔹 What if one of the beneficiaries is located outside of NY?
