📋 What to Do If You've Been Left an Inheritance (AARP Article)

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📋 What to Do If You've Been Left an Inheritance (AARP Article)

FROM THE ARTICLE:

A Loved One Died and Left You an Inheritance. Now What?

Take these steps when you receive a windfall.

By Penelope Wang, AARP.

*** There are 2 Comments on the AARP Website. Stop by to add yours. ***

Published April 23, 2025.

Perhaps you are among the growing number of Americans fortunate enough to receive an inheritance. As older generations pass away and leave money to their families, a great wealth transfer is underway. Those bequests could total $100 trillion by 2048, according to Cerulli Associates, a financial consulting firm.

If you’re among those in line to receive an inheritance, there’s more good news: You generally won’t owe taxes on it. Although the IRS levies a tax on very large estates — more than $13.99 million in 2025 — individuals generally do not pay federal income taxes on assets they inherit. And only five states (Kentucky, Maryland, Nebraska, New Jersey, and Pennsylvania) charge an inheritance tax, according to the Tax Foundation.

USE THE LINK BELOW TO READ THE ARTICLE: https://www.aarp.org/money/personal-finance/inheritance-next-steps.html