Inheritance

When someone dies, their assets usually go to their heirs. This is what’s known as an “inheritance,” and it can include everything from money to cars to property to stock options to sentimental bits and baubles. Basically, if someone owns it and then they die and it is gifted to someone else as a result, it’s an inheritance.

Of course, just as with everything else in life (and death), inheritances can get complicated. If the person had a will, that makes it easier to figure out who gets what. But beyond that, we as potential heirs also need to consider things like estate taxes, any income the deceased person is due (like from a salary or stock options), the laws of the land (like community property laws), and any debts they might have owed before they bought the farm. Accountants, financial planners, and lawyers can all assist us if we have any questions about our own inheritances…or about what we plan to gift to others once we shuffle off our own mortal coil.