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Have you recently heard that you will be receiving an inheritance? Receiving an inheritance is quite momentous. Whether you were expecting it, or not, inheriting money should be taken seriously by you. No matter what the amount is, you should make sure that you are taking the steps you need to protect your new asset and have the guidance you need.
Your recent inheritance can be an exciting opportunity to think about your future and the goals you have for yourself and your loved ones. Top of mind should be that you are protected. Did you know that research tells us less than 60% of Americans have an estate plan? Do you fall into this category? If you do, it is now more important than ever to create your Alabama estate plan. In fact, you may have just encountered the importance of Alabama estate planning through the actions that led to your recent inheritance.
Do you have questions in regard to starting your Alabama estate planning? We have a few key steps to share with you when it comes to Alabama estate planning and how to get started protecting yourself and your family after receiving an inheritance.
1. Do you know of any restrictions on your inheritance? At times, there are restrictions on inheritance. Do you have any? For instance, have you inherited an amount now but are waiting to receive a second amount of your inheritance as a result of reaching a certain age? Are there any conditions which might need to be met before you can use it in full? This is also information your Alabama estate planning attorney will need as you work together to create your legacy.
2. Are there any special circumstances in your life? There may be specific circumstances in your life that could impact your Alabama estate planning as well as how you may use this new inheritance. For example, do you have a significant number of creditors? Do you have business obligations that need to be met? Are you divorced, or considering getting married, and need to know how to protect this asset? Any and all of this information should be shared with your experienced Alabama estate planning attorney as you begin working together.
3. As you begin your planning and think about your inheritance, what are your short-term goals, your long-term goals, and your goals for your legacy? This is an exciting time to think through what you want to accomplish with your Alabama estate planning. Who do you want to provide for? How do you want them to be protected? What do you care about? What legacy do you want to leave? These are all key questions to begin answering as you create or update your Alabama estate planning.
4. We highly recommend that you find the right Alabama estate planning attorney for you. As you begin to think about the inheritance you want to leave to others, it is essential that you find the right Alabama estate planning attorney for you. Part of this process may be considering the circumstances that led to your own inheritance and what you do, or do not want, for your heirs as a result. Candidly discuss this with the Alabama estate planning attorney you meet with and as you work together to create the right Alabama estate plan for you and your goals.
Contact our office to discuss your options if you will be giving or receiving money or other assets this holiday season and anticipate this may impact your Medicaid eligibility. At the end of the day, legal planning is not just for you. Instead, it is for the ones you love most. If we can answer any questions for you on putting this estate planning in place, please do not hesitate to let us know. For more information, please reach out to our office and schedule a time to meet.