An inheritance is something that many people think that they may want to receive, but what’s interesting is that people often don’t know that they’ll be receiving one. It’s not typical to talk about inheritances in the United States, and many people don’t discuss their estate plans with their next of kin or children.
If you are planning to leave behind inheritances to those you love, it can be a good idea to talk to them about it. The inheritance you plan to leave behind may not be what they expect, so it’s a smart choice to discuss how you’d like them to use the inheritance you give them or why you chose to leave behind what you did.
Did you know that an inheritance doesn’t have to be cash or money?
Inheritances are often thought of as cash payments, but the truth is that they can include jewelry, art, antiques, stocks and bonds, real estate and other items. You should remember that any inheritance you leave behind could be subject to inheritance taxes, making it necessary for your beneficiaries to pay taxes once they receive the inheritance.
For that reason, it is a good idea to talk to your attorney about ways to limit the inheritance taxes and to prevent your heirs and beneficiaries from having to foot the bill. As of 2016, there was no inheritance tax in Tennessee, but that is something you will want to discuss with your attorney. Laws change often, so you’ll want to confirm if you need to worry about the inheritances you’re going to leave behind being taxed.
Good help with your estate plan can make a difference. You may be able to reduce estate and inheritance taxes, the risk of a will contest and other disputes that could arise if you take the time to address potential issues now.