Inheriting money isn’t always what it’s cracked up to be. Movies and TV do a great job of dramatizing the benefits of inheriting money, but never its drawbacks. That’s why in today’s episode of The Wealth Cafe, we’re breaking down the reality of inheriting or leaving behind this incredibly convoluted asset. This will hopefully help you or a loved one who's leaving money behind to save time and stress when it comes to tax implications.
What we’ll cover:
✅ How to go about leaving money behind.
✅ Implications depending on who’s inheriting this asset.
✅ Understanding the taxation.
✅ Examples & consequences.
The key thing to remember is to make sure that you and your loved ones are having continuous conversations, so that everything from an estate perspective, tax perspective, and financial planning perspective is taken care of. We at The Wealth Cafe highly encourage early planning so that assets are maximized, and all the hard-earned money your family has worked for keeps moving across generations!
☕️For more tips and advice, make sure to subscribe to the show so you don't miss an episode!
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