What you need to do
Key steps to consider, what to watch out for, and ways advisory firms can empower you to manage your inheritance wisely.GET STARTED
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.
- Missed tax savings
- Misunderstanding timing of transfer of assets
Trust & Estate Firms
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.
Comply with federal and state tax obligations, file the appropriate tax forms, and pay taxes owed within the required time.
Create tax efficiencies by identifying opportunities for readjusting asset values and minimizing capital gains both now and over time.
Financial Advisory Firms
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.