Receiving an inheritance can be a combination of a blessing and a curse, depending on how your loved one planned for their passing. If you have questions, believe me, you’re not alone! 

Receiving an inheritance can be a very complex situation, depending on the type of assets involved and the type of planning in place around each asset. Receiving money from a pension, IRA, or life insurance policy requires that a number of decisions are made about how you’ll receive those assets and how they’ll be taxed. Real estate and bank accounts may require Probate in order to gain control of the asset. 

One strategy for ensuring better outcomes is to check with your parents about the type and scope of planning they’ve done, or may need to do. Many of us are members of the ‘sandwich generation’, having both aging parents and children of our own. If our parents’ paperwork is in order, we can expect a much more efficient settlement of their estate and distribution of assets among beneficiaries. Likewise, if our own planning is in place, our children can avoid the costs and delays of Probate. 

No matter your current situation or the questions you may have, we are here to help. Life Planning Inc. is a leading, Scottsdale-based Certified Legal Document Preparer focused on estate planning, business planning, and asset protection planning. Feel free to call us anytime with questions – we have the answers you need!

If you’re receiving an inheritance as a result of the death of a spouse, parent, or other loved one, you’re likely going through the many stages of grief. At the same time, legal requirements that need to be dealt with can add up to create a very challenging situation. 

If your deceased loved one had a properly drafted and funded living trust, the process of settling their estate will likely proceed quickly, efficiently, and cost-effectively. But if any part of this essential planning is missing, you may be faced with a situation in which Probate is required. Probate is the name of the formal court proceeding required when someone dies or becomes incapacitated owning property in their own name. 

Life Planning, Inc, can help!

Life Planning Inc. is here to provide you with the information and solutions you’ll need in order to arrange your own affairs and/or to help loved ones arrange their own. At no cost or obligation, we’ll examine your unique circumstances and present information and options that will no doubt be helpful to you. Life Planning includes the following:

Call us at 877-438-7878 for answers to your questions and to discuss unique goals and circumstances. Or, simply click http://calendly.com/warner-1 to schedule a call with Warner. We’re delighted to help you attain clarity around your inheritance situation, all without cost or obligation to you.