6 of the Best Assets to Inherit

6 of the Best Assets to Inherit

Category: Estates | Inheritances

If you’re planning to leave your heirs any sort of inheritance, you’re already giving them a valuable financial leg up. However, if you want to help them even more, there are some assets that make much better inheritances than others.

“Thinking ahead, it’s a way to do your family some good by streamlining your accounts and simplifying what you own at death,” says Michael Romero, relationship manager at Argent Financial Group, a full-service wealth and trust management firm. “Otherwise, someone else is going to have to take care of the more complicated property when you die, and during a very emotional period too.”

Over the next 30 years, there will be a massive transfer of wealth from one generation to the next, a transfer that has already begun. The median inheritance in 2019 was $92,700 for those whose parents had a college degree and $76,200 for those whose parents didn’t have a college degree, according to the Federal Reserve.

Some assets you could leave your heirs are more effective for tax and financial purposes. But most importantly, with careful planning, you can prevent the emotional and even family-destroying fights that happen with some of the worst assets to inherit.

“Failing to look ahead can be especially harmful when it comes to estate planning, the reason being that the problems often arise only after you are no longer around to fix them or to express your own wishes,” says Neil V. Carbone, trusts and estates partner at Farrell Fritz in New York.  

If you’re able and willing to do this type of advance planning for your heirs, here are the six best assets to leave behind as an inheritance.

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See the original article here: https://www.kiplinger.com/retirement/inheritance/603880/6-of-the-best-assets-to-inherit

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