Inheritance Guardian: One who has been entrusted by the law for the care of another person or for his estate or for both.

INHERITANCE GUARDIANSHIP

The inheritance guardianship is the legal age adult or attorney in charge an inheritance disbursement. The disbursement of assets can be immediate upon your death or set up to disburse your assets at a set date, for example when a child turns 21 years of age. This is not to be confused with a “Child Guardian”.

NAMING HEIRS

Following an in-depth look at your and (your spouses) financial situation, you should develop a will and inheritance as seen fit. By arranging your estate in preparation of your death, you guarantee that your assets are dispersed appropriately and to you wishes. When setting up an inheritance, your able to plan ahead of time the tax issues that may appear for you and your heirs. A financial advisor tell you what tax and legal issues that may arise due to setting up inheritance within the state you live, existing legislation, state and federal taxes from the assignment or division of your assets to heirs.

INHERITANCE TAXES

This tax is paid on your estate’s value upon your death and is required by state and federal government. This can greatly impact your estate and the amount your heirs will receive from your estate. There are ways to limit the amount of inheritance / estate taxes – see estate taxes, living trusts, and talk with a certified financial advisor by filling out our on-line form.

HOME INHERITANCE

There are many ways to leave your home to your children; a few are tax-free. See below:

BELOW $1 MILLION

When your full estate is less than $1,000,000 then your estate will fall under the estate tax exemption rule, and your heirs will more than likely pay no estate tax. Your home will pass to them to live in the home or sell the home – all tax-free. There may be “future sales” tax issues for your heirs, depending on circumstances. Make sure that your home can be transferred tax-free and what tax issues may arise at a later date.

A few other ways you can transfer your home – all of which may have different effects on taxes paid:

• A “Gift” (to child or heir)
• Sale for less than value (to child or heir)
• Seller Financing Sale (to child or heir)
• Trusts
• Talk with a certified financial advisor by filling out our online form.

FINDING A FINANCIAL ADVISOR
A financial advisor can ensure you’re saving enough to meet all your immediate and retirement needs. Find out what’s best for you and your retirement goals! Learn more about the different asset allocation types, explore the areas above and fill out our on-line form to find a certified financial advisor in your area.