Which assets do you want to leave to your family? And what is the best way to meet the challenge?
Every family is unique when it comes to passing on assets from one generation to the next, but there are also some generalizations, according to an Investopedia article “Estate Planning: Which Assets Are Best to Leave Your Family.”
The Three Most Important Things To Leave Your Family With
Liquidity
Generally speaking, the more liquid your assets are, the better they are for heirs to inherit. Liquid assets can be easily converted and used by heirs, and the assets do not take up physical space.
Sentiment
Assets that might have sentimental value to your heirs should be handled carefully. If more than one person may want them after you pass away, it is often best to discuss how the assets will be handled with those people because later surprises could lead to acrimony.
Taxes
It is important to plan how different assets will be taxed after you pass away. You will need to account for both the capital gains tax and the estate tax; thus, it is best to seek the advice of a professional about how to handle taxable assets.
Consult with an estate planning attorney for the best options for your family.
