It is important to get Cincinnati inheritance planning help when you are making your plans to leave money or property to loved ones. You need to take the special needs of all your heirs or beneficiaries into account when you make your plans so you can protect assets, avoid estate tax on larger estates, and ensure that an inheritance passes on to new owners in a timely manner. Zimmer Law Firm helps individuals who are planning their legacy to make effective use of legal tools so an inheritance is protected and can pass on quickly.
Individuals who have amassed wealth and who are leaving their money and property to others are not the only ones who should make a plan. When you inherit wealth, you want to ensure that you make smart and responsible choices about what you do with that inheritance. You should take steps to protect the assets you inherit and should work within the law to maximize the value of your inheritance and keep the wealth you have been given safe from loss. Zimmer Law Firm can advise you on what you should do if you have inherited money or property, so give us a call to find out more about the assistance available from our skilled legal team.
How to Make the Most of an Inheritance
When you have been given an inheritance, there are a number of steps that you should take in order to make the most of what you’ve received. Some of the key things that you should do after you’ve discovered that you have been left money or property include:
- Learning how the assets will transfer to you
Will the assets transfer during the probate process, through trust administration, through a pay-on-death account, because you were a joint owner, or through another process. It’s important to know how you’ll obtain the assets so you can understand the timeline for when money and property is going to come under your control.
You may also want a lawyer to oversee the probate process, the trust administration process or any other process that is used to transfer assets in order to ensure the executor of an estate , trust administrator or other involved parties don’t put your inheritance in jeopardy.
- Understanding the rules for what you can do with the assets
In some cases, you will inherit money free and clear, with no strings attached. You’ll be able to do anything you want with the property at any time. In other circumstances, however, this is not the case. You may be named as a trust beneficiary and the trust document that the deceased created may limit you to obtaining only a certain amount of assets at once or may mandate you fulfill certain obligations before you are able to inherit. By knowing what you’re entitled to, you can ensure that you make an appropriate financial plan.
- Learning any laws that apply to your inheritance
There are certain types of inheritances that have restrictions or that can trigger tax consequences if you don’t access the funds within acceptable parameters. For example, if you inherit an IRA, you have a few very specific options for what you can do with the inherited account without jeopardizing IRA tax benefits. Your options will differ depending upon whether you inherited the IRA from a spouse or from another friend or family member.
An experienced attorney can help you to understand the rules for inherited IRAs and can guide you through making a choice that will allow you to continue growing money tax free if you wish to do so and if this is an option for you.
Getting Cincinnati Inheritance Planning Help
Zimmer Law Firm has guided many individuals and families throughout the entirety of the inheritance planning process. Our firm works with you if you’re making your plans for your loved ones to inherit and we also provide assistance to people who have been given the gift of money or property.
To learn more about the legal tools that can be used to protect an inheritance, join us for a free seminar. You can also give us a call at 513.721.1513 to get personalized advice on every aspect of the incapacity planning process. Call today if you’re deciding how to leave money to others or if you have inherited and want to protect the wealth bestowed upon you.
- Creating a Trust: What to Consider - March 23, 2023
- What You Need to Know about Planning for Elder Care - March 21, 2023
- Can a Trust Be Contested? - March 16, 2023