Receiving an Inheritance

The transfer of assets in connection with an inheritance can have major financial consequences. You will want to take the right steps now and on an ongoing basis to protect the value of your loved one’s estate.

What you need to do

Key steps to consider, what to watch out for, and ways advisors can empower you to manage your inheritance wisely.

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  • Consider the Logistics of the Transfer

    The size of the estate, or the existence of a trust or family LLC, will affect the method and timing of legally transferring the assets to you.

  • Calculate Tax Obligations

    In addition to state and federal estate taxes, there may be readjustments to the value of assets in the estate or capital gains taxes that could substantially change the amount of taxes owed.

  • Identify Restrictions and Deadlines

    When inheriting an IRA, 401(k), or a trust, there are specific options and limitations as to how and when you can transfer the assets that can depend on the type of asset and your relationship with the deceased.

Common Mistakes

  • Missed tax savings
  • Misunderstanding timing of transfer of assets

How can advisors help?

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  • Trust & Estate Attorney

    Asset Transfer Process

    Contact a Trust & Estate Attorney as soon as you can after you receive an inheritance to help complete the legal processes in transferring ownership of assets.

    Your Own Estate Planning

    Incorporate your inherited assets in to your own estate planning process.

  • Certified Public Accountant (CPA)

    Required Actions

    Comply with federal and state tax obligations, file the appropriate tax forms, and pay taxes owed within the required time.

    Tax Strategy

    Create tax efficiencies by identifying opportunities for readjusting asset values and minimizing capital gains both now and over time.

  • Financial Advisor

    Holistic Financial Planning

    Plan both a short- and long-term investment strategy for your inherited assets and assess how they fit in with your existing portfolio.

    Hold vs. Sell Tradeoffs

    It may be more financially efficient to hold or sell certain assets, and an experienced financial adviser can make these recommendations.

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