Cheryl Winokur-Munk

speaker
1,406 appearances 26 recordings 2 series first heard Apr 2019 last heard Jun 2025

Cheryl Winokur-Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How to Avoid Higher Taxes After the Death of a Spouse · 5 Mar 2024 podcast
But if there are required minimum distributions on that, that would continue based on the age and life expectancy of the deceased spouse. voice-verified
So in one example, there was a woman in her 60s, and her husband was in his 80s when he passed. voice-verified
Based on the RMDs of her husband, it would have been about $70,000 a year of distributions. voice-verified
So instead, that spouse was able to roll over that IRA, and because of her age, she didn't have to take RMDs. voice-verified
So that eliminated this whole piece of ordinary income from her tax return. voice-verified
So charitable contributions are a way to help mitigate your taxes. voice-verified
If you have more than $14,600 in charitable contributions and other itemizable deductions, could be medical expenses, for example, that can lower your tax burden. voice-verified
With any of these strategies, it's always better to talk to a tax professional to make sure that you're doing things the best way for you and you're not jeopardizing any other tax breaks, for example. voice-verified
The issue is more if you're going to have a home in two different places. voice-verified
If you just decide you want to move, maybe you live in a high-tax state like New York or New Jersey and you want to go sell the family home and you want to move to Florida, which has no income taxes, and that could actually be a very good strategy for you. voice-verified
Well, you have to be careful as if you decide you want to live in both states. voice-verified
You just have to be careful on the amount of time that you live in the other state. voice-verified
And if you're going to claim that as your new domicile, your new place of residence, you really have to make sure it's a legitimate move with adequate documentation and not just something to evade higher taxes because the state auditors are really strict about that. voice-verified
They might. voice-verified
So for example, if you're leaving New York, so New York is a very high tax state and you're going to Florida, which I said has no income tax. voice-verified
If you're living in New York and you have a mansion and you go to Florida and now you're buying a shack and you claim that Florida is my new domicile and this is where I'm going to be living all times of the year and this is where my doctors are. voice-verified
This is where my whole new life is. voice-verified
You really better be prepared to show it's really where your new life is because otherwise New York's going to want to come after any income that you earn in the state. voice-verified
Let's just say that you really have to be careful to make sure it's a legitimate move. voice-verified
Really, this is something that ideally you should be starting way before either spouse dies. voice-verified
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