The Parker Inheritance — Reader Q&A
Inheritance Questions Kids Are Afraid to Ask
When it comes to inheritance, the guidelines of propriety are far from clear. But when it comes to inheritance — whether you're passing items down to family members and loved ones or you're on the receiving end — the guidelines of propriety are far from clear. How do you divvy up prized possessions between children? How do you tactfully tell a parent that you'd like to inherit some cherished piece, or gasp! Post, 67, is great-granddaughter-in-law of etiquette queen Emily Post and the author of more than a dozen books on the topic. She talked to us about navigating the tricky waters of inheritance appropriately. Q: There are generally accepted rules of etiquette around weddings, workplaces, even dinner parties.
What do we do with this house miles away from where we live? This was the question my wife and her sister asked when they inherited their mom's house. We didn't know anyone in the area and, even with twenty years of real estate sales experience, I lacked clarity on exactly how to handle an inherited house. We knew we needed to start with the basics and get a few questions answered. Once we were able to answer these questions, then we were able to make an informed decision on what we should do next. This gave us the ability to put together a plan of action that limited the emotions and allowed us to find a united resolution. The following are the 5 questions to ask when you inherit a house.
2. Talk Openly About Divvying Up the Inheritance
Solving pedigree genetics problems
There are awkward money questions, and then there's asking your parents about their posthumous financial plans. Talk about a tricky opener. Still, for many of us, the conversation is as uncomfortable as it is necessary. According to a recent Charles Schwab survey, 53 percent of millennials believe are betting on an inheritance as part of their retirement plans. However, the same survey found that only one in five people actually receive an inheritance from their parents as expected. Grasping the reality of what to expect is one of many reasons to bite the bullet and address this sensitive financial issue. For some, gaining clarity is a way to better understand a parent's wishes, or prevent confusion down the road.