Connors & Sullivan attorneys at law, pllc
Tell Us About Your Estate Planning Needs:

Heirs advised to seek advice and assistance regarding inheritance assets

For many older Americans, a key estate planning goal centers on passing wealth and property down to children and grandchildren. Over the course of the next three to four decades, financial experts estimate that baby boomers will pass on upwards of $30 trillion to heirs. For those individuals on the receiving end of an inheritance, it's wise to take steps to safeguard against potential pitfalls and to seek the advice and counsel of a financial and estate planning professional.

For anyone that has struggled with financial difficulties in the past, a sudden inheritance may tempt one to run out and spend freely. Doing so, however, is almost always a bad idea and can result in inherited assets quickly being depleted and not invested wisely for one's own future needs.

In addition to resisting the temptation to freely spend one's newly inherited wealth, heirs and beneficiaries are also advised to be cautious when it comes to quitting a job or, in some cases, depositing assets directly into a bank account. For example, government-funded programs like Social Security Disability have strict income limits that an individual who inherits assets in their name, may have stripped away. It's always best, therefore, to leave heirs who are disabled or have special needs assets via a trust.

Likewise, even when an inheritance is sizable in nature, individuals are advised not to be hasty when it comes to early retirement decisions. In addition to questions related to what, if no longer working, an individual would do with his or her time; the loss of other job-related benefits must also be considered and weighed prior to making any hasty decisions.

In addition to spending newly-inherited assets on oneself, individuals who inherit a windfall would also be wise to avoid being overly charitable to friends or pet causes. There are numerous, and much smarter, ways to incorporate charitable donations into an estate plan that can maximize one's giving power and even create an income stream of which one's charitable cause of choice can be named the benefactor.

Source: US News & World Report, "5 Inheritance Mistakes for Heirs to Avoid," Susan Johnston Taylor, July 15, 2014

No Comments

Leave a comment
Comment Information
Your Trusted Guides For Every Stage Of Life And Every Step
Of The Estate Planning Process

Set Up Your Free Initial Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Connors & Sullivan attorneys at law, pllc

Visit us at one of our 5 locations.

Brooklyn Office
7408 Fifth Avenue
Brooklyn, NY 11209

Phone: 718-414-6209
Fax: 718-238-2616
Brooklyn map

Bayside Office
200-20 Northern Boulevard
Bayside, NY 11361

Phone: 718-414-6209
Bayside map

Middle Village Office
79-43 Metropolitan Avenue
Middle Village, NY 11379

Phone: 718-414-6209
middle village map

Staten Island Office
1250 Hylan Boulevard
Staten Island, NY 10305

Phone: 718-414-6209
staten island map

Manhattan Office
110 East 59th Street
New York, NY 10022

Phone: 718-414-6209
Map & Directions