Estate planning attorneys are going to routinely assist people who are endeavoring to prepare their assets for eventual transfer to their loved ones after they pass away. However, professional advice can also be extraordinarily useful when you receive an inheritance, especially if it takes you by surprise.
When people pass away unexpectedly at a relatively young age their heirs may find themselves in possession of significant financial resources all of a sudden. If you had no expectation of being on the receiving end of a windfall with no particular experience handling large sums of money, you may make mistakes that could have serious long-term consequences.
One thing that many people may overlook would be the potential tax consequences. Though a new law was recently passed that will phase out the inheritance tax, at the present time Indiana does have such a levy and the possibility of being exposed is something to be aware of if you receive an inheritance.
It is also important to see the big picture and evaluate your long-term financial future. Receiving an inheritance can be a once-in-a-lifetime opportunity to set yourself on a path toward a comfortable future. Impulsive spending and living above your means for a relatively short period of time can leave you in a regrettable situation later on.
The intelligent course of action is to draw from professional experience if you find yourself in possession of a sizable inheritance. If you discuss your future with a licensed and experienced Indianapolis financial planning lawyer, your attorney will evaluate your unique situation and make the appropriate recommendations.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.