The Inheritor's Guide: What to Consider Before Expecting an Inheritance - Ep. 91

FPO&G: Financial Planning for Oil & Gas Professionals

For more information and show notes visit: https://bwmplanning.com/podcast

The first part of a two-part series where we explore the intricacies of inheritance from two perspectives: the inheritor and the gifter. This week, we focus on the inheritor's point of view, discussing why it’s essential for everyone—especially those in the oil & gas profession—to consider the implications of potential future assets.

Here are some key takeaways from this episode:

• Why Everyone Should Care: Even if you think you won’t inherit anything, the upcoming great wealth transfer will have significant macroeconomic consequences that could affect you.
• Understanding Your Financial Plan: We discuss how to approach the question of whether to include potential inheritances in your financial planning. Should you factor it in, and if so, to what extent?
• The Importance of Asset Types: We break down different types of assets you might inherit, such as brokerage accounts versus IRAs, and how their tax implications can drastically change your financial outlook.
• Liquidity and Control: We highlight the importance of understanding the liquidity of inherited assets, especially when it comes to privately held businesses.
• Real-Life Scenarios: We share examples to illustrate how different situations can impact your financial planning decisions.

Whether you’re expecting an inheritance or just want to be prepared for the future, this episode is packed with valuable insights that can help you navigate the complexities of financial planning.

As always, we encourage our listeners to reach out with any questions or ideas for future episodes at [email protected].

Thank you for tuning in, and we look forward to bringing you more insightful episodes in the future.

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Disclosure: This information is for informational purposes only. Nothing discussed during this video should be interpreted as tax, legal, or investment advice. If you have questions pertaining to your specific situation, please consult the appropriate qualified professional.