On Tap

Most of us have very little experience with inheritances. Would you even what steps to take after receiving money or property? Today we’ll identify the mistakes people make when preparing an estate plan, what you should do if you receive an inheritance, and talk about other things you should consider.

What Matters

Over the next decade or two, there will be an enormous transfer of wealth in our country but how well-equipped are people to inherit this money and manage it properly?

The truth is, many of us have zero experience with receiving an inheritance and we’ll often only get one opportunity with it. If you’re fortunate enough to get this chance, it can be life-changing. So what’s the best way to handle this new wealth?

On this episode of Her Wealth Matters, we’re going to provide the information you need to have a better grasp on inheritances all-around. That’s going to include a look from the estate planning side of things. One of the biggest mistakes we see people make is failing to update their beneficiaries. If you don’t take anything else away from this podcast, make sure it’s that you should be checking your beneficiaries regularly to make sure they are correct because your will won’t cover you.

J’Neanne will also take you through the common missteps people make after receiving an inheritance. You can truly look at it as a lottery win in many cases and the person on the receiving in will often act like a lottery winner, which is not a good thing. Make sure you’re prepared to make the best use of your wealth and put it to work towards your retirement plan. Having an advisor that looks out for your best interest can be a huge asset in this situation.

There’s a lot to talk about and will do it all in this Inheritances 101 episode of the show.

The Plan

Listen to the full episode or click on the timestamps below to hear a specific segment.

[0:52] – We want to spend some time on inheritance today.

[1:20] – Most of us don’t have any experience to draw on when it comes to handling inheritances.

[2:22] – The first issue many people worry about is taxes. What do we need to know on that front?

[5:06] – How much has the SECURE Act changed the way people are planning?

[6:52] – What are some common mistakes people make with their estates that make it more difficult for their beneficiaries?

[8:27] – J’Neanne shares a story of someone who died before changing beneficiaries.  

[9:20] – What about the common mistakes people make after receiving an inheritance?

[12:42] – What are the first steps someone can take when receiving an inheritance?

[13:45] – Americans don’t often think about multi-generational planning but a proper advisor can help you with that long-term planning.

[16:30] – Here’s the bottom line on what you need to do now.

Wealth Wisdom

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The Host

J’Neanne TheusContact – Call: (443) 718-6310