There’s no such thing as free money, including money you inherit. Just like lottery winners who suffer unintended consequences when given a pile of cash, people inheriting money and property from their parents may find themselves scrambling through a variety of pitfalls.
Make no mistake: Inheritance is a huge facilitator of wealth (at least in families that already have it), and it’s an important piece in the financial puzzle for many Americans who plan on leaning on inheritance to pay off debt, establish financial stability, or prepare for their own end-of-life costs.
But with great inheritance comes great responsibility. And possible headaches. And probably lawyers.
So what are some helpful tips for folks with aging parents in line for an inheritance of some kind?
And of the various forms of inheritance (cash, property, stocks), are some easier to inherit than others?