Most people believe that receiving a large inheritance from a loved one would be life-changing. However, one study found that about a third of Americans who had received an inheritance eventually experienced a decrease or no change in their wealth. If you're expecting to receive an inheritance, here are 3 steps you can take to make it last.
You might not want to reject your inheritance out of respect for the individual who left you their assets in a will or trust. On the other hand, an inheritance may create unforeseen logistical or financial problems. Problems that you are unable—or unwilling—to shoulder.
When Philip Seymour Hoffman died, he left behind a will that was over a decade old. The will had been drafted by his real estate attorney/CPA rather than someone who specialized in estate planning. In spite of having three children, a trust had only been set up for the eldest son and the hefty fortune that was left to his girlfriend was subject to an enormous estate tax bill.
