The LEARNING library

Being a Beneficiary

We tend to make a few jokes here and there about how wonderful it would be to be a beneficiary. However, it’s all fun and games until you ARE one. Not only will you deal with the pain from loss, you’ll have to figure out how to navigate your inheritance. Ed Slott gives great advice, “Touch nothing!” This may feel counter-intuitive, but it is wise considering the potential pitfalls ahead for someone who has landed themselves a new role in the family. Among the topics you’ll have to understand as beneficiary include: life insurance policies, beneficiary tax basis, inherited IRAs, depreciated assets, estate income tax reporting, donating dependent’s property to charity, and the executor’s duties and compensation.
Join us today as we begin the conversation for those of you who will become a beneficiary. There is a lot to know, but we know that we can help you out!