Receiving an inheritance can be considered a great blessing. Even though you will be missed, your heirs will be glad that you named them as a beneficiary. If you have not made any preparation to cover or prevent inheritance taxes, your beneficiaries will discover that they will not get nearly as much as they hoped.
Preparing to pass on your estate and avoid inheritance taxes is a part of good estate planning. These taxes are taken out of your beneficiaries’ distribution.
Here are some ways to get your estate ready to change hands without the dreaded inheritance tax.
Write a Will
You need to be aware that writing a will cannot help your estate escape taxes. Having one is a good idea, because if a probate court is needed, it will direct the court by revealing your intended beneficiaries….