An inheritance can come in many forms. Sometimes it is money, sometimes it is real estate, and sometimes it’s in the form of stocks or other appreciable assets. What is often true, is that beneficiaries rarely have their inheritances appraised at the time they receive them. If you are a beneficiary receiving outright money (not from a sale of stocks or liquidation of a brokerage account), then the value is very clear. However, other appreciable assets inherited are not liquidated until years later. That’s when there can be capital gains tax consequences for not appraising inherited property. If you have inherited property you need to get it appraised as soon as possible. Watch this quick video to learn more and get your nugget of knowledge.
Kevin Snyder is a husband, father, and an attorney at Snyder Law, PC in Irvine, California. He’s all about family and passionate about estate planning, elder law, and teaching others how to protect what matters most.