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Sometimes. If you have an asset, for example, that’s income reducing, like an IRA, or a 401K, or maybe you have a business interest that pays some income, then whoever inherits those assets from you will also pay income on those assets. Now, how much they pay and when they pay can be considered and we can take some steps to change those up, about how much and when. But as a general rule, if it’s income and it’s taxable to you, it’s also going to be taxable to the beneficiary that receives that asset or that income.
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Minneapolis Estate Planning Attorney, Jacqueline Schuh, talks about giving assets to your beneficiaries and if income tax applies to them.