If you're an heir who's a beneficiary of any kind of asset, then you may know that it can be both a good and a bad thing. For many people, an inheritance is like a gift from above, something that will improve their life in one form or another.
For others, especially those who don't necessarily need the inherited asset(s), that gift can turn into a real headache - especially from a tax standpoint. Knowing ahead of time how to minimize the downside and potentially maximize the upside is a big part of financial planning.
The "Great Wealth Transfer" between Boomers and their children has begun. Find out more about what you need to know and need to do from podcast host Johnny Dean and "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!
