Inheritances are one of the few things that can be positive about a loved one's death. Out of all the sadness and loss, they've left you something behind that you can cherish or use to your own benefit.
One of the biggest questions people have about inheritances is what to do with them. It's very easy to spend the money or to use up the assets you receive, which may not be your goal.
It can be hard to deal with tax season, and one of the biggest issues is the state tax that is found on every paycheck. However, there are some states that treat you differently. One is Washington. In Washington, there is no state tax, but that can affect other taxes, such as your inheritance tax or property taxes.
You weren't expecting to receive an inheritance when your grandparents passed away, but you found yourself being told that one was going to be coming to you. You were shocked at the amount of money that had been left behind for you, just as you were surprised to find that you were left your grandparents' family home.
If you have children who have been left inheritances, it can be difficult to decide when to allow them access to those funds or assets. For the most part, children don't grasp the full value of what they've been given, so you want to wait until they're old enough to understand that they're receiving a large amount of money, a home or another valuable asset.
As the spouse of a person who has passed away, you are not certain about how well their will can hold up in court. They willed away several of the assets that you'd like to keep in your possession. As the spouse of the decedent, you believe that everything should pass to you.
If you are left with a significant inheritance, you may not be sure how to best protect it. Whether the inheritance is money, stocks or other assets, your inheritance is valuable and has to be protected.
Before you start planning your estate, it's important to understand the lay of the land. For example, what kinds of things do you want your estate plan to achieve, and how will you go about planning your estate to achieve them? Because most estate planners and will drafters don't know what they need or what options are available, estate planning attorneys are skilled at asking their clients the following questions:
Not long after the death of celebrity chef Anthony Bourdain, it was revealed that his estate held a seemingly low value of approximately $1.2 million. However, the seemingly low value of Bourdain's estate is not likely the true amount of the late chef's estate because the TV star also had a confidential trust, the details of which will remain unknown.
Substance abuse is a common problem and most families have at least one person who is struggling with it. If you have someone like this in your family, and you plan to leave this person a sizable inheritance, the situation presents a unique estate planning challenge: How do you leave money to someone with a substance problem while preventing the individual from spending it on a potentially life-threatening addiction?