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Great Expectations – Inheritance Planning Is A Two-Way Street in Virginia

2 way streets"These findings show that many Americans expect to leave an inheritance," said Andy Ireland, head of premier banking and wealth management at HSBC. "However, it's vital that people don't rely on these potential windfalls to fund their retirement."

When it comes to consideration of what an “inheritance” means today in America, there are difficult waters to navigate for those planning for their estates and those planning to inherit those estates.  According to a recent CNN Money article titled “Average American inheritance: $177,000,” it is a tale of two facts:

The good:

American retirees expect to leave an average inheritance of almost $177,000 to their heirs, the sixth highest of any country, according to an HSBC survey of more than 16,000 people in 15 countries.

And the tough to count on:

Around the world, 69% of retirees plan to leave an inheritance to their offspring, at an average of $148,000. Retirees in India were most likely to do so — with 86% expecting to leave money behind — while American retirees were the least likely, with only 56% expecting to give inheritances to their children.

You see, the math behind bequest and inheritance in the U.S. is an increasingly tricky one. There are a number of factors at play. These include such wild cards as the rising costs of late-age care, unstable financial markets and the lack of wealth transfer maximization. Regardless, whether you are the one planning the wealth transfer or the one planning to receive it, this is a time to be realistic.

So, what should you do? Be sure to do the best with the financial resources you have. As a family, that means coming together to consider the issues and discussing a real plan for how it all ought to fall into place under a variety of “what if” scenarios.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning

Reference: CNN Money (December 13, 2013) “Average American inheritance: $177,000

 

 

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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.