Many people who have successfully acquired a sizeable estate during their lifetime seek comprehensive estate planning advice that will allow them to pass their assets to their family, friends or worthy causes while still providing the grantor a comfortable lifestyle during his or her senior years. While it is common for those who are on the granting end of inheriting wealth to consider how they wish to distribute their legacy, many people on the receiving end of inherited assets may also need estate planning advice.<\/p>\n
When you are left an inheritance, it can be a mixed blessing. The money and property inherited may make your life easier, create financial opportunities and provide financial freedom.\u00a0 However, many people who suddenly receive a substantial sum of wealth that they were not expecting fill ambivalent and uncertain about how to manage and use the money. The cautionary tales of instant lottery millionaires who end up dwindling away their winnings because they lack experience in managing large sums of money and assets are commonplace.<\/p>\n
Some people feel overwhelmed by a sudden unanticipated inheritance and uncomfortable trying to manage the assets that they have inherited. While the grantor may use a trust or other tool to assist the recipient of inheritance in managing inherited wealth, this is not always the case. There are even case when those who suddenly acquire substantial assets or funds feel uncomfortable or even undeserving of their good fortune.<\/p>\n
There are many people that wish to give to charities after receiving an inheritance.\u00a0 Although this is certainly a worthy endeavor, it requires careful planning and legal guidance to avoid unintended consequences like excessive tax liabilities that may adversely impact the grantor and reduce the size of the gift received by the charitable organization. It also is important to ensure that in making a charitable donation, the party that inherits does not fail to provide for his own financial needs throughout his life.<\/p>\n
The above information is designed solely to illustrate general principles of law, and does not constitute a specific legal opinion on individual cases. We suggest that you contact experienced legal counsel for a specific opinion tailored to your individual circumstances<\/p>\n
If you have received an inheritance and are unsure how to proceed or you want to protect your beneficiaries with your estate plan, we invite you to contact the experienced New Mexico Estate Planning Attorneys at\u00a0Jay Goodman\u00a0& Associates.\u00a0 Call us today to schedule your free consultation at\u00a0 (505)\u00a0989-8117 to learn about your options.<\/p>\n","protected":false},"excerpt":{"rendered":"
Many people who have successfully acquired a sizeable estate during their lifetime seek comprehensive estate planning advice that will allow them to pass their assets to their family, friends or worthy causes while still providing the grantor a comfortable lifestyle during his or her senior years. While it is common for those who are on […]<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1,7,11],"tags":[],"class_list":["post-578","post","type-post","status-publish","format-standard","hentry","category-blog","category-estate-planning-and-probate","category-family-law"],"aioseo_notices":[],"yoast_head":"\n