The Word on IRD

So-called "income in respect to a decedent' (IRD) includes, for example, a final paycheck or other income distributed after an employee's death. Failure to plan for this income can cost an estate and its beneficiaries a lot of money. Reduce IRD's impact with these six tips: 1. Na...

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Bibliographic Details
Published in:Journal of Accountancy 2007-10, Vol.204 (4), p.27
Main Author: Desmarais, David
Format: Article
Language:English
Subjects:
Alternative minimum tax
Beneficiaries
Estate planning
Estate taxes
Guidelines
Income in respect of a decedent
Income taxes
Life expectancy
Tax deductions
Taxpayers
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Summary:So-called "income in respect to a decedent' (IRD) includes, for example, a final paycheck or other income distributed after an employee's death. Failure to plan for this income can cost an estate and its beneficiaries a lot of money. Reduce IRD's impact with these six tips: 1. Name the spouse as beneficiary of retirement accounts. 2. Name a younger beneficiary to the survivor's IRA. 3. Funnel IRD assets into a credit shelter trust. 4. Donate IRD assets to charity. 5. Do not overlook the IRD income tax deduction. 6. Favor the Roth IRA.
ISSN:0021-8448
1945-0729