Expecting an inheritance?
Here are 5 of the toughest questions you will likely have when receiving an inheritance:
- What paperwork do you need so that you won’t suffer problems and delays in getting your inheritance?
- What’s the quickest way to transfer inherited brokerage and retirement accounts to your name? How can you minimize problems and delays in receiving the assets?
- How should you invest the money in America when you live in Israel if you want to make the most of your new wealth? What investments should you avoid?
- How can wills, trusts, and powers of attorney protect you and your family?
- How can you open a U.S. brokerage and retirement (IRA) account when you live in Israel in order to keep the inheritance in the States and make sure it’s invested in the most tax efficient way possible?
It’s impossible to answer all those questions in this column, which is why I wrote The Inheritance Book: What you need to know about receiving and investing an inheritance from the U.S. when you live in Israel. Go to Profile-Financial.com/books to get the book.
Here’s an Excerpt from The Inheritance Book:
One Quick Tip to Avoid Opportunists
Oftentimes, when a person receives an inheritance, he suddenly discovers many long-lost relatives and various “old friends” who crawl out of the woodwork after years of silence. They come knocking on the door, either asking for money “because I am in a desperate situation,” or tell him about an amazing investment opportunity that is “perfect” for him.
This type of unrelenting persistence often spells disaster, but such an outcome is easily preventable. Simply tell these friends and relatives that you will run their proposal by your financial advisor. Your advisor should be objective and knowledgeable, and be able to tell you whether the request or proposal is genuine or logical and, even more importantly, whether it fits into the design of your financial plan.
Dealing with an inheritance in America?
Please email me directly if you have any questions: doug@profile-financial.com.
Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd. www.profile-financial.com. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.
Published October 2, 2018. Updated November 2021