Liquidation can streamline the process
People procrastinate a lot when it comes time to plan their inheritance. This is due to the fact dying is usually the last thing you want to do. It is also a fact of life. Therefore, it is wise to take the right steps to facilitate efficient asset transfers after you are gone.
Places of Residence
Some people hang on to their large homes for sentimental reasons. This is true, even if they have been empty-nesters for many years. They can imagine passing it on to their children. They can relive their memories by going through all of the items. It is not practical for most families. First, your children may not have the same sentimentality that you have when it comes to the property.
Secondly, if the value is going to be split among multiple children, it has to be sold anyway.
If you want to stay in the home for your own comfort, that is well and good. You would be doing your children an enormous favor if you sold the property while you were still alive. Many younger people are not financially able to afford this luxury. This is particularly true when their interest in the property could be put to much better use.
Collectibles
It can be truly rewarding to pass along a limited number of family heirlooms to the ideal caretakers. If you’ve watched American Pickers, you may have seen adult children who are overwhelmed by their collections. They don’t know much about the items, they don’t want to keep it, and they have no idea what they are worth. You are naturally going to find it difficult to let them go, as they are like the contents in a treasure box. However, you will be in the best position to sell them, since you know their value. You can share your collectibles with enthusiasts who will love them just as much as you. It’s a great opportunity, if you see it that way. This can be seen as a metaphor of the letting go you will need to do when you die. When you pass away, your loved ones will grieve and it can be difficult to coordinate multiple people’s efforts for liquidation. You will be making their lives easier if you streamline your living situation.
Access Our Free Worksheet!
If you want to learn more about estate planning, we have a fantastic resource that you can access right now. We have prepared an inheritance planning worksheet that you can complete to gain a more thorough understanding of the details.
There is no charge to obtain this worksheet, so you should definitely take advantage of the opportunity. To get your copy, visit our worksheet access page and follow the simple instructions.
Need Help Now?
Our doors are open if you have already learned enough to know that it is time for you to work with a Tulsa, OK estate planning lawyer to put a plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 918-615-2700.
We also have an office in Oklahoma City that can be reached at 405-843-6100.
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors Read More! Latest posts by Larry Parman Attorney at Law,
(see all)
