Inheriting Money
Inheriting money can be a significant life event, bringing both financial opportunities and emotional challenges. Whether expected or not, many people feel overwhelmed by the complexities of managing an inheritance, from tax implications to decisions about investments and retirement accounts.
- One of the most common concerns people face is how different types of assets are treated. For example, IRAs, trusts, and taxable accounts each have their own set of rules, and the tax consequences can vary greatly depending on the specific situation.
- A key advantage in estate planning is the stepped-up cost basis for taxable assets. This means that when you inherit stocks or other investments that have appreciated in value, you may be able to sell them without paying capital gains taxes on the increase.
- The inheritance process often takes longer than expected, and it’s common for people to feel pressured to make quick decisions. But it’s important to take your time, understand your options, and consult with a professional who can guide you through the process.
Our team has helped multiple generations of families navigate these transitions. If you’re feeling uncertain about what steps to take next, we’re here to help.
If you’ve recently inherited assets or are managing an estate, contact us for personalized guidance and support. Our family is here for yours—reach out today.
