Episode 45: Understanding the Inheritance Process

by Financial Design Studio, Inc. / June 14, 2024

Whether 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.

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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.