People in California who are thinking about retirement and beyond, as well as people who expect a sizeable inheritance, should see a recent article in Forbes, which talks about the issues that can unfold when a person receives a life-changing amount of money as inheritance from a loved one. The psychological 'shock' of receiving a large amount of money can be a serious problem for some people, who may have trouble wrapping their heads around life with more money than they had envisioned.
Readers here in Sacramento may have seen a recent financial editorial about inheritance, and the people who are faced with tough decisions about where their money should go after their death. This isn't a dilemma for the super-wealthy or those with a substantial estate, this is an issue that affects nearly everyone who has assets and wishes for their distribution when they pass on.
People in California may be surprised to hear that, even in this economy, a recent survey has shown that well over half of all retirees do in fact have enough money saved up to provide an inheritance to heirs and loved ones. In fact, nearly two-thirds of this generation of retirees plan to leave money or other assets in their wills. The amount of all of this inheritance is pretty staggering as well. According to the study, future inheritance from retirees could tally up to over $6 trillion collectively.
People in California perhaps read a recent editorial about the importance of preparing the next generation of heirs for their inheritance. The article makes some excellent points about why it's extremely important for people with a substantial estate to educate their heirs, and perhaps even involve them in the estate planning process where appropriate.
People in California may have seen a recent news article about the man who was responsible for some of the most iconic fashion photography of the 1960's, and the fate of the fortune he allegedly left to his children. Bert Stern, the man who snapped some of the raciest photos of Marilyn Monroe only weeks before her death, left two competing wills, and a potential court battle between his three children and his wife at the time of his death. He died approximately three months ago, leaving quite a bit of uncertainty as to who will eventually inherit.