What You Should Know About Leaving an Inheritance

Estate planning is just one piece of a comprehensive retirement plan but it’s an important one because you only get one opportunity to get it right. The problem is many individuals have very little experience with inheritances and often make mistakes when handing them down or receiving them. Let’s try to change that today by informing you about inheritances and the steps you need to take.

 

Check out the show notes and get additional resources here: http://petersonfg.com/what-you-should-know-about-leaving-an-inheritance/ 

 

Today's show rundown: 

0:49 – Let’s tackle the biggest questions around an inheritance.

1:09 – First, what about taxes. What implications are there with an inheritance?

1:35 – Iowa does have inheritance tax if it comes from outside of a ‘straight line.’

2:21 – Here’s what happens if someone leaves you an IRA or 401k.  

3:55 – What are some of the changes coming from the SECURE Act relating to inheritances?

5:34 – These are the common mistakes people make with inheritances.

7:33 – Some companies allow a per Stirpes designation. Here’s how that works.

8:46 – Are there some common mistakes on the receiving end of an inheritance?