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: Retired-ish Newsletter Sign-Up Begin Creating Your Own Financial Map After The Loss of A Parent Free 4-Step Retirement Analysis for Ages 50+ Ask Cameron A Question! 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

Ver todos los episodios