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- When dealing with inheritance, consider the following legal advice12:
- Understand the nature of the gift you were given.
- Don't go it alone; seek professional advice.
- Plan ahead and don't spend money before making a plan.
- Put money away for a rainy day.
- Be cautious of risky investments.
- Invest in your own future.
- Allow yourself a "splurge."
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.According to Windisch, some common types of inherited assets and some considerations include:
- Cash. Inherited cash is not taxed as income, but you may owe federal or state inheritance or estate taxes if it exceeds certain thresholds.
www.legalzoom.com/articles/what-you-need-to-kno…- Do understand the nature of the gift you were given. An inheritance isn’t always gifted in the form of cash.
- Don’t go it alone.
- Do plan ahead.
- Don’t spend any money before making a plan.
www.sterlingandtucker.com/estate-planning-article… - People also ask
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