Costly Mistakes To Avoid When Inheriting Money Retired-ish podcast

Costly Mistakes To Avoid When Inheriting Money

10M ago 29:06

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I discuss the potential pitfalls to watch out for when inheriting assets from a parent. Receiving an inheritance isn’t the same as maximizing an inheritance, as you could lose a significant portion if you’re not prepared.

More specifically, I discuss:

What are common types of assets that are passed down to the next generation?
What are the common pitfalls to watch out for when inheriting property?
How should assets be titled before they are passed down?
What impact do trusts have on an inheritance?
How do taxes work when inheriting assets?
What are the common pitfalls to watch out for when inheriting retirement accounts?
What are the common pitfalls to watch out for when inheriting non-retirement accounts?

Resources:

The key moments in this episode are:

00:00:00 - Introduction and Importance of Understanding Inheritance

00:00:57 - Projected Increase in Inherited Wealth

00:02:12 - Assumptions about Parental Financial Planning

00:03:36 - Common Types of Inherited Assets

00:05:27 - Pitfalls of Inheriting Property

00:14:28 - Considerations for Inheriting Property

00:15:48 - Retirement Accounts and the Secure Act

00:19:37 - Tax Considerations for Inherited Retirement Accounts

00:21:28 - Handling Non-Retirement Investment Accounts

00:25:35 - Importance of Understanding Inheritance Planning

49 episodes