Four Do’s and One Don’t to Help Protect Your Inheritance

If you’re lucky enough to inherit a lot of money, keeping these five things in mind, especially knowing the tax implications, could head off some regrets.

A dollar sign is surrounded by walls topped with barbed wire.
(Image credit: Getty Images)

Much has been written about the so-called Great Wealth Transfer and the trillions of dollars loved ones can expect to inherit from parents and grandparents over the next 20 years or so.

I’ve read articles estimating that Baby Boomers, and the Silent Generation before them, could leave anywhere from $68 trillion to $84 trillion, or more, to their children and favorite charities. And as a financial adviser, I’m already seeing the impact those gifts can have on the people who receive them.

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Brian Gray
CEO, Graylark Financial

As CEO of Colorado-based Graylark Financial, Brian Gray is passionate about helping people achieve their financial goals and realize their bucket-list dreams. Financial education is a priority in his practice, and he is the co-author of three books (“Smiling Through Retirement,” “Retire Abundantly” and “Giving Transforms You”) with another on the way. Brian has been a regular on Denver radio and has been featured in several local and national publications, including Fortune, Money, Bloomberg Business, Wall Street Select and MarketWatch.