Are You Ready for the Great Wealth Transfer?
Over the next two decades, Baby Boomers are expected to pass down more than $84 trillion, making it the largest wealth transfer in U.S. history. For many families, this inheritance represents a life-changing opportunity, but it also comes with important financial challenges.
Navigating an Inheritance: What to Do First
Before making any decisions, take time to process your loss. Once you’re ready, gather all key legal and financial documents such as wills, trusts, account statements, and property titles. Not all assets are taxed or distributed the same, so understanding what you’ve inherited is essential.
For example, an inherited IRA from a non-spouse falls under the SECURE Act and must be emptied within 10 years of the original owner’s death. If a trust is named a beneficiary, the tax bill can hit faster, so it’s important to establish that quickly. A taxable brokerage account is simpler because you get a step-up in basis to the date-of-death value, meaning little or no capital-gains tax if you sell soon. Non-qualified annuities are trickier. Earnings come out first and are taxed as ordinary income, and most contracts force you to cash out within five years or start lifetime payouts.
Common Inheritance Mistakes to Avoid
Without careful estate planning, it’s easy to make costly mistakes. One example is naming a trust as a contingent IRA beneficiary without understanding the tax implications. Another is leaving an IRA to one person and expecting them to distribute it, as this can trigger unexpected tax liability for the recipient.
Strategies to Minimize Taxes and Grow Your Wealth
If you’re still working, one strategy to consider is to maximize your 401(k) or IRA contributions. This can help offset taxable income from the inheritance and boost your own retirement savings. Proper inheritance planning ensures your windfall becomes a long-term asset, not a short-term burden.
Work With a Trusted Financial Advisor
After handling the logistics, it’s time to put your inheritance to work. A skilled financial advisor can help you align your new assets with your long-term goals, from minimizing taxes to growing your portfolio and protecting future generations.
If you’ve recently received an inheritance or expect one soon, don’t go it alone. Call Lineweaver Financial Group today to schedule your no-cost, no-obligation consultation, or
visit lineweaver.net to book online. We’re here to help you make informed decisions and build lasting financial security.
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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