What to Do When Receiving an Inheritance
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- Опубліковано 23 сер 2024
- What do you need to do when you receive an inheritance? Large or small, there are several questions that need to be answered. Do you need to pay taxes on the inheritance? Do you need an attorney and a will? We’re going to review the most common questions and provide answers in this episode of Wise Money.
Season 5 Episode 15
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I tuned in hoping to hear "What is the best way to invest/save/protect money once you've inherited it." I hope to find a more current one you've created adressing those aspects of inheritance.
13 minutes in and they still haven’t answered the first question. First time viewer. I’ll hang in there for now.
We got our own forgery proof inheritance at to keep people from stealing it with a promise to add future quit claim trust security in the future at the NICER Prebate Probate Nickel and Dime Solution to Estate PlN Quarter Litigation cost. This old man says having a prudent bank account is useful when a child puts their life on hold to take care of mom and dad to pay both households bills.
Until I can figure out what to do with the money I invested it at 6% . Inflation also 6% currently but due to rise. Saves losing to the inflation thief. Unless you win lotto, it might be the only winfall you ever get, so look after it. Our children will inherit our legacy so this money from my parents is strictly for my wife and I. I did I all Ibcould to convince my parents to use up all their money but to nonavail. Unselfish parents to the end. In return we looked after them in the end days so they could pass away at home. Please treat yourself a little or a lot. Just respect and give thought to the wonderful people who raised you. Do the right thing for them.
Love this. Respect and honor your benefactors! They lived below their means for many years to enjoy financial security and leave a legacy. Pay it forward and be a good steward of your inheritance!
I died at around 40:00 😂😂😂😂 you guys are crazy lol
So much useful information!! Thank you!
Do you do private family estate planning ? I dont have nothing set up , my health is starting to slip , my kids have no interist in the farms and there both too far apart anymore for me to keep up with ..mi. to fl. Is getting longer and harder as i get older ..cept when i fly ..still alot of work in a short visit ..
I like the idea of putting everything in a “living revocable trust”… you can have everything set up in your trust to distribute, you can change things as long as you live, you can have all your accounts in it, & leave life insurance to it… all of which avoids taxes. Also… a Roth IRA can keep growing for 10 years after you pass !! Also… I keep hearing about a type of trust called a family legacy trust ? Your descendants can borrow $ from the trust… & the trust acts like a family bank. They pay back the $ to the trust,& this can continue forever… which can help your grandkids too, but they don’t get anything for free… which can waste your legacy. The land can be put in the trust too,& managed by leasing to a farmer, but kept in the family. Talk to a trusted lawyer, or other trust professionals. I always wanted to farm… I started out in agriculture… then went into construction… I’m still working towards my goal. I hope you are able to get your affairs in order… the way YOU want them,& to secure your life’s legacy for your future generations… there is a way to do this… so you are confident in your plan,& alleviate any stress,& anxiety. Good luck,& God bless…💕🙏🏼🌻🦋🌸💕
I inherited a piece of property along with part of a business. Part of the business husband stolen although I still have the land. My intentions are to sell it. My question is, will I pay taxes? If so what is my best strategy to keep that payment low also, I would like to inquire of how I can protect myself with this money because I have never had money and do not have a clue
do you guys have any videos about having any trust funds
Hello, regarding expecting a substantial inheritance, can you refer me to a “one stop shop” law firm that provides tax, investment and trust services?
My Mom died December 2019 and left me her 401k IRA. It was $20k, and in 2020 there was no RMD's, so I left it alone. It's now 2021, and I learned I have to take out a RMD, and empty the account within 5 years of her death. I'm currently unemployed, and my game plan was to covert my IRA to a Roth IRA. I also learned that I can't convert my inherited 401k into a roth Ira. I have till 2024 to get everything out of the account, and the RMD's are not a lot of money. Any suggestions what I should do?
Thank u thank u appreciate a lots
I received a part inheritance by check and my questions is how long can I hold it without depositing it?
I’m guessing this is us law? Does anyone have a good referral to what to do in Canada ?
What if the deceased not put my last name on inheritance document?
When I get inheritance money
Unbelievable you clowns are Wise Money gurus and don't understand SS benefits after death. If a person passes on Sept. 28th and the electronic deposit is in process to be posted on Oct. 1 for October's payout, it is not owed to the deceased. Only after the funeral home notifies Social Security of the death that then process a payment reversal and the account is debited. It is unlawful to not notify SS of a death by the way.
Bad audio
Get to the freggin point
Money people trying to podcast…