Planning To Avoid Inheritance Failures in Vifginia


Planning for an inheritance can be thorny. You can be consumed by unrealistic ideas and
make a number of missteps that could reduce the value of what you receive over
time. Taking a few preparatory steps can help ensure that the money will last
to meet your major financial needs.

We tend to think and talk about how hard it can be to plan to give away, bequeath, or otherwise disseminate your estate. After all, you have so many personal, financial, and legal variables to consider. On the other hand, being on the receiving end of an inheritance can be just as challenging.

Anyone can spend a buck and a few  can spend wisely. Nevertheless, only a few will have the forethought to plan and make the most of an inheritance.

If an inheritance may be in your fut-ure, then you ought to read a recent Morningstar article titled “How to Plan for an Inheritance: 6 Things You Need to Know.

As the title suggests, there are six things you need to know according to Morningstar
to make the most of the opportunity. While the original article goes into
more depth, here are the six things for you to ponder:

  • What kind of assets will you receive? 
  • How will the assets be distributed?
  • Have you done your own financial planning first?
  • When you get the money, what are your priorities? 
  • What are your obligations?
  • Is the inheritance transparent?

You can plan entirely on your own assumptions, but that can be a tricky way to plan. This is where communication is key – intergenerational communication.

It is a wise estate planner who educates prospective inheritors regarding these “6 things” identified by Morningstar and likely even more. In the end, planning for the transfer of an inheritance can be a family activity with one generation giving to and guiding the next generation.

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: Morningstar (August 30, 2013) “How to Plan for an Inheritance: 6 Things You
Need to Know

Like this article?

Share on facebook
Share on Facebook
Share on twitter
Share on Twitter
Share on linkedin
Share on Linkdin
Share on pinterest
Share on Pinterest

Leave a comment


We have a LOT more where that came from!

We hate spam too. We will never share or sell your information.

Call Now ButtonCall Us Now https://jsfiddle.net/7h5246b8/

Request a free consultation

We hate spam too. We will never share or sell your information.

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.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

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.