Listener Q&A: Trusts, IRMAA, Inheritance Taxes, Capital Gains, and More

Big Picture Retirement

In this special episode, we catch up on a backlog of insightful listener questions—covering everything from estate planning and Social Security taxation to Roth conversions and Medicare rules. If you’ve been wrestling with real-world retirement planning decisions, you’re not alone. Today’s episode delivers practical answers to the kinds of issues many people face but few have clearly explained.

We tackle:

• IRMAA and Social Security Taxation – Does IRMAA include Social Security income if it’s not taxable?

• Capital Gains on a Vacation Home – Should you delay estate planning until after the sale of a property? What about the "2 out of 5 years" exemption?

• Paying Inheritance Taxes – If all your accounts list beneficiaries, how will state inheritance taxes (like Pennsylvania's) get paid on time?

• Step-Up in Basis with TOD Deeds – In Oklahoma, does property with a Transfer on Death deed still receive a step-up in basis?

• Impact of Home Sale on IRMAA and Roth Conversions – How does selling a vacation home affect your income-based Medicare premiums and Roth conversion strategies?

• Medicare Enrollment Rules at Age 65 – Are you legally required to enroll in Medicare at 65 if not on a qualifying employer plan?

• Trusts and Anonymity – How can you use estate planning tools while keeping your affairs private and self-directed?

• Probate Friendliness by State – Which states make probate easy, and which ones almost demand a trust-based plan?

• Inherited IRAs and Roth Conversions – Can a beneficiary convert inherited IRA funds into a Roth IRA for future tax-free growth?

If you’ve ever had a nuanced question about retirement or estate planning, chances are someone else has too—and we’re tackling them head-on in this packed Q&A episode.

Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.

📍Contact Devin’s team at https://carrolladvisory.co/podcast1

📍Contact John’s team at https://www.rossandshoalmire.com/

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Don’t miss the Big Picture Retirement Planning Cheat Sheet. We've distilled the essential brackets, thresholds, and rules of retirement into an easy-to-digest, three-page summary. https://www.carrolladvisory.com/pl/2148282517

Want to ask Devin or John your question? Just visit https://www.bigpictureretirement.com/ and click on the “Ask A Question” menu selection.