Did You Recently Inherit Assets? Here Are Our Estate Planning Tips

Have you recently received an inheritance? Be mindful that an inheritance is not to be taken lightly and is a big deal. It does not matter whether you were expecting it or not, inheriting money should be taken seriously. The amount does not matter, what matters is that you need to be sure that you are taking the steps needed to protect this new asset and have the guidance you will require.

Again, when you receive an inheritance no matter what the amount, this is an exciting opportunity to think about your future and the goals you have for yourself and your loved ones. The most important thing is to make sure that you are protected. Were you aware that research tells us that less than 60% of Americans have an estate plan? If you fall into this category it is now more important than ever to create your Florida estate plan. In fact, you have just experienced the importance of Florida estate planning through the actions that led to your recent inheritance.

Do you have questions on how to get started with protecting your inheritance? Let us share some answers to questions we often hear when it comes to Florida estate planning and how to get started protecting yourself and your family after receiving an inheritance.

  1. When you received your inheritance were there any restrictions? Many times there are restrictions on an inheritance. Do you know if you have any? For example, have you inherited an amount now but are waiting to receive a second amount of this inheritance as a result of reaching a certain age? Are there any conditions which might need to be met before you can use it in full? This is information your Florida estate planning attorney will need as you work together to create your legacy.
  2. In your own life and financial situation, do you have any special circumstances? There may be specific circumstances for you that impact your Florida estate planning as well as how you may use this inheritance. For example, do you have a high number of creditors? Do you have business obligations that need to be met? Are you divorced, or considering getting married, and need to know how to protect your new asset? Any and all of this information should be shared with your experienced Florida estate planning attorney as you begin working together.
  3. As you think about your planning and your inheritance, what are your short-term goals, your long-term goals, and your goals for your legacy? This is an exciting time to think through what you want to accomplish with your Florida estate planning. Who do you want to provide for? How do you want those you provide for to be protected? What do you care about? What legacy do you want to leave? These are all important questions to begin answering as you work with your Florida estate planning attorney to create or update your Florida estate plan.
  4. Have you found the right Florida estate planning attorney for you? As you start to think about the inheritance you want to leave to others, it is imperative that you find the right Florida estate planning attorney for you. Part of this process may be considering the circumstances that led to your own inheritance and what you do, or do not want, for your heirs as a result. We highly recommend that you discuss everything frankly with your Florida estate planning attorney and together you can make a comprehensive and good Florida estate plan. 

We know this article may raise more questions than it answers. We encourage you not to wait to ask us your elder law questions on this or any important issue facing Florida seniors today. The experienced team of attorneys here at Hemness Faller, The Law Office formerly known as Emma Hemness, P.A., are here for you and your family and we want to be YOUR estate planning and elder law attorneys. After all, we are ordinary people, providing extraordinary guidance backed by years of experience and advocacy for the vulnerable citizens in our community. We encourage you to contact us and schedule a meeting with us.