Losing a parent often triggers an inheritance — and the planning obligations that come with it.
An inheritance can push a household into new estate tax territory, require immediate beneficiary updates, and create inherited IRA distribution obligations with significant tax implications. These decisions have deadlines.
What changes at the $2M–$30M level
Your action plan
Ordered by urgency. Items marked "Immediate" should be addressed within 60–90 days.
Non-spouse beneficiaries must distribute within 10 years. Annual RMD requirements within that window depend on whether the original owner was already taking RMDs.
Do this in My Wealth Maps →Assets passing outside probate (beneficiary designations, joint tenancy) transfer automatically but need new beneficiary designations in your name.
Do this in My Wealth Maps →Add inherited assets to your existing estate and run a fresh estate tax snapshot. You may have crossed a threshold that changes your planning priorities.
Do this in My Wealth Maps →Non-retirement inherited assets receive a basis reset to date-of-death value. Selling timing and asset selection have significant capital gains implications.
Find a financial advisor →Your existing estate plan was written for a different asset level. Review and update distribution provisions, trust structures, and strategies.
Find an estate attorney →How prepared are you for loss of parent?
Answer 5 questions and get a personalized readiness score with specific gaps identified.
Get professional help
An estate attorney can execute the legal documents and trust strategies this event requires.
Browse attorneys →A fiduciary advisor can model the financial impact and coordinate strategy across your full picture.
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