Episode 45: Understanding the Inheritance Process
by Financial Design Studio, Inc. / June 14, 2024Whether you are preparing to structure or leave an inheritance, we want to help you build, not destroy, relationships. In this episode, we discuss the roles involved and how they work in each stage of the inheritance process.
Take a listen right here, or head over to your favorite steaming platform!
Key Moments
1:28 What are the different roles in an estate plan?
17:42 Phase One: Administration and Organization
30:59 Phase Two: Distribution and Taxes
41:47 Phase Three: Now What?
Related Links to the Inheritance Process
Wondering what your next steps are? Find our Estate Planning Checklist here!
To learn more about each role, listen to episode 25, where we interview Heather Walser, an estate planning attorney.
The SECURE Act 2.0 went into effect on 1/1/2020 and changed a lot of rules. Read our article on the latest inherited IRA rules!
Watch our video on Inherited IRA Distributions: Pre-SECURE Act or Post-SECURE Act.
Listen to episode 28, Organizing your Possessions (or your parents!), with Ashley Rapp.
Stay Connected!
If you want to hear even more episodes, like this one, be sure to subscribe to the Behind the Designs podcast on your favorite streaming platform! The Behind the Designs podcast shares with you an inside perspective at how financial advisors think about money. We’ll see you in the next episode.
Credits for Episode 45
Executive Producer and Host : Anna Lewis
Guest : Michelle Smalenberger, CFP®
Ready to take the next step?
Schedule a quick call with our financial advisors.
Recommended Reading
Case Study 3: Fixing Financial Mistakes
In this fictional case study, we walk you through the financial plan for two retirees. Marcus & May retired a couple of years ago with a one time plan. But, instead of enjoying retirement, they’ve been stressed over how much they pay in taxes and how volatile the market has become. They aren’t sure how...
Case Study 2: Relocating to Care for Aging Parents
In this fictional case study, we walk you through a financial plan for a couple retiring later this year. Curtis and Carli are planning to retire later this year, but realize they need to make some changes. Carli’s aging parents need more care from them. Can they afford to buy a larger house? They don’t...
Financial Design Studio, Inc.
We are financial advisors in Deer Park and Barrington, IL. A team with a passion for helping others design a path to financial success — whatever success means for you. Each of our unique insights fit together to create broad expertise, complete roadmaps, and creative solutions. We have seen the power of having a financial plan, and adjusting that plan to life. The result? Freedom from worrying about the future so you can enjoy today.