Whether you knew it was coming or you are surprised by a sudden windfall, you may wonder how best to spend your inheritance. Many people use the unplanned money to splurge on items they've always wanted or fund a family vacation, but here are four tips for spending your inheritance wisely and making it last as long as possible.
A judge recently denied the claims of two women in the Prince estate case, saying that state law did not support them as heirs. The two women reportedly based their heirship claim on the fact that they were related to a man who was close -- but not biologically part of -- Prince's family.
Managing an inheritance can be stressful. While most people are glad to inherit valuable property or large sums of money, the responsibility and decision-making that come with it can be daunting. That's especially true if you aren't accustomed to managing large accounts or properties.
The gift of an unexpected or large inheritance can be so helpful to a Kentucky resident's life. However, many recipients of inheritances have a lot of question about the best way to go about managing them. One common question that we hear relates to whether inheritance recipients should disclose to family and friends that they received the money.
As the media continues to question the cause of Prince's death, the names of his heirs are also unknown. Indeed, the music icon did not leave any trace of a will, so courts will have to distribute his assets in accordance with state intestacy laws. Potential heirs appear to be coming forward as well in order to make a claim on the musician's estate. Recently, two women filed motions saying that they are Prince's grandniece and niece in a bid to claim a portion of his massive estate.
The last thing any Kentucky resident should have to deal with following the death of a loved one is a will contestation lawsuit. However, this is something that happens quite frequently after a family member dies, and it is particularly common in larger estates, which -- if they have a lot of potential heirs -- could become the center of family disagreements.
When a family patriarch or matriarch dies, families may lose the glue that holds them together. Besides just dealing with grief, unresolved feelings towards each other can surface, exploding into a full-fledged feud. This is especially true when there are stepchildren and biological children in the family mix.
Inheritance tax is not something most people deal with every day. So if you have just inherited property from a relative, do you have to pay Kentucky inheritance tax?
Your relative has left you a portion of his or her life's savings. Now you have choices to make. Do you invest, pay your bills, give some to charity or just have a good time spending it?
More and more American baby boomers are reaching retirement age and planning their estates. Remarkably, it's been estimated that in the next 35 years, $30 trillion will change hands in the biggest transfer of wealth in the nation's history. However, according to a recent survey of wealthy Americans, 43 percent of respondents said they didn't feel that inheritance planning was a pressing issue.