Contemplating the loss of a loved one is never easy.  However, it is up to you to help make sure that things are handled correctly.  Oftentimes we think affairs are more prepared than they are unfortunately.  The unfortunate result is that an estate can be reduced by as much as 70% through taxes if not planned properly.  

It's always better to have a difficult conversation with a loved one than later try and guess what they would have wanted.  Even worse are when several heirs don't agree, have no clear direction, and end up in disagreement during a stressful and sad time.

• Understand your loved one's wishes.  Has a will been written? 

• Be there.  Spend time as much as possible.  Those last months, days and moments will always be special memories.

• If ill, make sure your loved one is comfortable and being well taken care of.

• Help pull together important documents and know how things have been arranged.

• Help identify areas that have not been considered and understand wishes clearly.

• Suggest a beneficiary review and estate plan review with you, so that you understand the planning that was completed.

• Have any funeral or burial arrangements been made?  Do you know what your loved one wants to have done?
  

• Contact family and spend time together.  

• Contact the key advisor team.  (Please see When Death Occurs for a suggested list.)

• Practice self-care.

• Allow yourself to grieve and remember with other people also close to your loved one.

• Don't make any quick decisions.  Think through the best strategies to manage your inheritance.  Seek help from professionals to avoid pitfalls.

If you are unsure of what to do before or after, feel free to call us.  We can provide valuable advice for your loved one and for you.  This is an emotional time, and decisions need to be made for the right reasons, not necessarily emotional ones.

You want to make sure that things have been handled correctly before and after an inheritance occurs, or the estate could greatly suffer due to unnecessary taxes.  

This may be the largest financial windfall you ever receive.  So revisit your long-term financial strategic plan and make sure you honor your own goals and those of your loved one as you evaluate alternatives.  

Inherited a non-spousal IRA?  Call us to make sure you don't make THE costliest mistake.

Contact us to schedule a consultation, an estate plan checkup or to help you manage a recent inheritance.  It's far better to seek advice before it's too late to change something.  »

Caring From a Distance
Caring for an Elder Relative: Where to Begin by Nolo.com
Eldercare Locator by the US Dept on Aging