Carmel inheritance planning attorneys can provide you with personalized advice after you have received an inheritance. You will need to make certain that you understand your rights as one of the heirs or beneficiaries who inherits when someone passes on. An attorney can guide you through the process of receiving an inheritance and making smart decisions about what you should do to protect the money or property that your loved one has left to you.
Frank & Kraft has extensive experience with the inheritance planning process. We have assisted many clients to respond assertively and appropriately after receiving an inheritance so they can receive their money as quickly as possible and protect the assets that have been left to them. We have also provided comprehensive help to many people in making an inheritance plan that takes the needs of their potential heirs or beneficiaries into account.
To find out more about all of the different ways our Carmel inheritance planning attorneys can assist you in providing for a loved one or protecting an inheritance that you have received, give us a call today.
What Steps Should You Take After Receiving an Inheritance?
If you have been provided with notice that you stand to inherit through the probate process, through the trust administration process, or through some other means such as being named as the beneficiary on a pay on death account, the first thing you need to do is to understand the process by which you will inherit assets.
If you are going through the trust administration process, then you will be able to inherit money or property outside of court proceedings. The trust administrator who is managing the process will have a fiduciary duty to ensure that the money and property is taken care of until it is passed to you. You should be provided with notice, and the trust administrator should keep a careful accounting of expenses and estate assets. You may wish to have an attorney representing you to ensure that the trustee fulfills his or her responsibilities and facilitates the timely transfer of wealth in this out-of-court process.
If you’ll inherit through the probate process, then the executor of an estate will present the will to the court to be probated while managing the assets in the estate. Again, it can make sense to ensure you are legally represented so that you can monitor the actions taken by the executor of an estate and confirm your inheritance is being managed appropriately and probate is moving along as quickly as possible.
If you are inheriting through other means, such as joint ownership with rights of survivorship or a pay on death account, an attorney can explain to you the implications of what the inheritance means and can help you to address key tax issues and other legal concerns you may have.
An attorney at Frank & Kraft can also provide you with advice on steps you can take to try to protect the inheritance you have received from being lost if you experience misfortune, such as needing nursing home care that you might have to pay for privately if you cannot get covered by Medicaid. And, an attorney can offer tips on any specific tax issues that may arise due to the nature of the inheritance. For example, there are special tax rules with an inherited IRA and, depending upon the type of IRA and your relationship with the deceased, you may have to begin making withdrawals from the account at a specific time to avoid penalties.
Getting Help from Carmel Inheritance Planning Attorneys
Carmel inheritance planning attorneys at Frank & Kraft will provide dedicated help and support to you as you navigate the process of receiving an inheritance. While being named as an heir or beneficiary and being left money or property is exciting, it is not without legal challenges. You owe it to yourself and to your deceased loved one to make sure the wishes of the deceased are respected, the assets you inherit are kept safe, and you inherit as quickly and cost-effectively as you can.
To find out more about how Frank & Kraft can help you with all of your inheritance planning needs, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online at any time to learn more.
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.