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Friday, July 24, 2015

Dealing With an Inheritance

An inheritance can be a great thing, but it has downfalls. If you are someone that was left an inheritance, chances are you had a close relationship with that person who passed. First, it is wise to take your time and not rush into things; emotions may cloud judgment, so it is best to wait some time before dealing with the inheritance. Most likely, there will be legalities to abide by, there will be tax, and it could possibly change your estate planning.

When you are ready to deal with the inheritance, get assistance from a professional because there are many options and you want to make the right one for your family. Also, the inheritance could affect your family with estate planning; sometimes it may or may not be worth it. If you choose to accept it, consider creating trusts for your children, creating trusts could help increase exemptions on personal estate tax.  Weigh your tax options as well, an IRA can be cashed out or instant funds. A cash out will be taxed full income tax rates every dollar, so this can decrease the value of the inheritance a lot. Decide which option is best for your wealth and don’t be afraid to get assistance.

Estate planning can involve a complex web of tax rules and regulations.  Tax laws surrounding estate planning concepts are subject to change.


Posted by: Patrick Carroll at 9:55 AM
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This material is intended for historical purposes and may be outdated. Its contents should not be relied upon as current information. For more up-to-date information regarding these topics, contact your financial professional.







All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Securities offered through Triad Advisors, member FINRA/SIPC. Advisory Services offered through ACI Partners, LLC. ACI Partners, LLC is not affiliated with Triad Advisors.