The challenges and consequences of inheritance

Leaving money or assets to beneficiaries such as your children is a wonderful gift.  It’s important to plan that gift thoughtfully so that estate planningthe gift can be used as you intend without causing needless conflict between your beneficiaries or lost opportunities for beneficiaries who aren’t ready to handle the assets.

The attached article from CNN/Money gives some great examples and practical solutions for challenges faced by beneficiaries including when beneficiaries inherit a home or other real property, when beneficiaries inherit retirement accounts, when beneficiaries inherit assets with strings or restrictions, or when inheritances include a family business.

When clients come in to discuss their estate plan, they are often focused on ensuring that they avoid estate taxes.  Of course that is a primary objective of estate planning, but it is equally important for me to work with my clients on ensuring that their assets are transferred in a meaningful way that is designed to ensure a successful and simple transition to the next generation.