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Is Social Security Going To Run Out In Your Lifetime?

We get regular updates on the Social Security trust fund. In early May, the Social ...

The post Is Social Security Going To Run Out In Your Lifetime? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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Thriving on the Uncertainties In Investments

We all like surprises, right? Well not exactly. We like the surprises that we want. ...

The post Thriving on the Uncertainties In Investments first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

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9 Facts About Retirement

Retirement can have many meanings. For some, it will be a time to travel and ...

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Does an Inheritance Belong in Your Estate Plan?

October 31, 2022

Getting money from a loved one can be great financial support for someone, but it can also raise plenty of questions for that recipient about the best way to handle it. 

If you already have a financial plan set up, you’re likely saving for your own emergencies and retirement. An inheritance could help to supplement that.

It is usually not wise to rely entirely on the possibility of inheritance as your retirement plan or as a solution for paying off debt. This is because receiving an inheritance is never guaranteed, and typically, the amount that is gifted to others in an inheritance is not enough to fund a substantial retirement.

However, statistics do support that most Americans will receive some type of inheritance throughout their lives, and it can be a good way to supplement your own retirement savings. If you already know, for example, that you will receive an inheritance, telling your financial advisor about this puts you in a good position to know what to do with the money when you receive it.

If the person who has architected the inheritance has done the right planning, the best part of receiving these funds is that it may be tax-free. You’ll need to consult with a financial professional if you’re thinking about leaving behind an inheritance to someone or if you are scheduled to receive an inheritance and are concerned about the estate tax implications.

Contact a qualified estate planning lawyer and consider involving other financial professionals in your strategy for handling these complex situations. While receiving an inheritance can be a significant financial boon to you, knowing what to do and how to plan for it can be challenging.


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Schedule your free Exploratory phone call

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can be of assistance.

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Connect with us on Social Media using the following buttons:

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Listen in, Join the Conversation!

Recent Posts
Is Social Security Going To Run Out In Your Lifetime?

We get regular updates on the Social Security trust fund. In early May, the Social ...

The post Is Social Security Going To Run Out In Your Lifetime? first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
Thriving on the Uncertainties In Investments

We all like surprises, right? Well not exactly. We like the surprises that we want. ...

The post Thriving on the Uncertainties In Investments first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more
9 Facts About Retirement

Retirement can have many meanings. For some, it will be a time to travel and ...

The post 9 Facts About Retirement first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.

See more