Before Its Time
Lynn and her sister are going to inherit their dad's $5 million estate, but Dave says that it's not the best idea to settle it now.
QUESTION: Lynn’s dad has a fairly large estate worth $5 million. It sits on 800 acres with an old home. Her sister and Lynn are the only heirs and her dad wants to settle it now. Dave says that might not be the best idea.
ANSWER: You guys have to love on him enough to help him accomplish his goals. If you inherit $5 million, you’ll have estate taxes that you’ll only be able to pay by selling the land. Don’t let him deed it to you prior to his death, because that creates all kinds of tax problems for you.
You need a very level-headed and wise estate planning attorney. A good one will be able to help your dad deal with some of his emotions as well as the actual process. Start shopping and find a good one who can help you, then find a meeting with that person. Make sure that a will and estate plan is in place before he passes away.