We have certainly tried to stress the importance of estate planning, but what about inheritance planning?? When the time comes, you may be surprised at how unimportant some of the financial and legal considerations of your inheritance seem in comparison to the impact a loved one?s death has on you and your family.? This may be just the time to get sound legal advice from an estate planning attorney, rather than your next door neighbor?s friend?s uncle?who once received an inheritance.
How can an estate planning attorney help you with an inheritance?
Logistics
There is more to an inheritance than simply receiving money and spending it. Perhaps you are the beneficiary of a trust and need assistance in understanding the terminology and conditions of the trust.? Perhaps you?ve been named as an Executor to an estate.? You need solid, state-specific advice on what you may expect over the coming months.
Finances
Receiving an inheritance will obviously have a financial impact, but will it be a positive impact? Estate taxes, income taxes on the growth, property taxes, capital gains taxes -? all need to be considered ? particularly when it comes to inheriting a retirement account or even real estate that you plan to sell.? An estate planning attorney can present your options, along with the advantages and disadvantages of each.
Legalities
Last, but certainly not least, there are the legal aspects of an inheritance?to consider.? There are situations in which a will can be contested or even an inheritance renounced if need be.? An estate planning attorney can review your options and your rights in easy-to-understand terms.
With planning and solid advice, you can make sure that your inheritance is truly a blessing and can be put to good use.
The Law Offices of Richard B. Schneider, LLC is a member of the American Academy of Estate Planning Attorneys.
Tags: Estate Planning, Inheritance Planning
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Source: http://rbsllc.com/blog/2011/05/estate-planning-inheritance/
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