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Inheritance Planning Considerations for the Inheritor

How to handle an inheritance always requires a thoughtful game plan but it is a topic that can be too easily set aside to be dealt with in the future.

An inheritance can be a blessing or a curse. Proper planning, however, can tilt the odds in favor of the former, rather than the latter.

“Inheritance.” The word alone is packed with emotion. Whether you are planning to leave an inheritance or planning to receive one, there are weighty considerations to be made. In fact, the prospect of an inheritance presents the perfect opportunity for significant intergenerational dialogue about the family wealth.

If you are looking for some practical guidance about how to manage an inheritance, a Forbes article offers some timely advice. The article, titled “How To Manage An Inheritance,” suggests four matters every prudent inheritor should consider regarding his or her inheritance: Make it a part of your plan; Don’t ignore retirement accounts; Have a tax plan; and Disclaim.

Interestingly, the last of the four considerations, Disclaim, actually involves “giving up” the inheritance in whole or in part before you actually inherit it. To effectively disclaim an inheritance (or a gift), there are and specific steps you must take. As with any complex estate and tax issues, always engage competent legal counsel early rather than later.

Reference: Forbes (April 19, 2012) “How To Manage An Inheritance

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Thank you, Walt and the Zaremba Team

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.