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 you? 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 here, which is why I just wrote The Inheritance Book: What you need to know about receiving and investing an inheritance from the U.S. when you live in Israel. Click here 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 “loving 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.
Douglas Goldstein, CFP®, investment advisor is the Director of Profile Investment Service, Ltd., which specializes in helping people who live in Israel with their US dollar assets and American investment and retirement accounts. He helps olim meet their financial goals through asset allocation, financial planning, and using money managers.
Published October 2, 2018.