Today’s Objective…

Inheriting a home can be major life change and it bring with it a number of decisions that need to be made. Depending on who else was included in the inheritance, you’ll have to figure out what you want to do with it. Every decision brings a different set of pros and cons so understanding those will help you determine what option is best.

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(Click the featured times below to jump forward in the episode)

Tactical Points:

Leaving behind a home is a goal for many people in retirement, but what about those on the other end of that inheritance? Deciding what to do with a property isn’t always as cut and dried as you might think.

There are many factors that play into the decision, and this episode of the Plan with Dan podcast discusses each of those. We lay out the most common options you have for your new inheritance and what that will mean for insurance, taxes, and other financial factors.

But a home can hold much more than monetary value and that’s why we realize it’s an important decision for you and your family.  Having as much information as possible will provide you with the best foundation, and that’s what we hope you pick up from this episode.

Along with that main topic, we bring back ‘Getting to Know You’ and ask Dan what he’d be doing as a hobby if time and money didn’t matter. And we answer a great mailbag question about how to manage 401k profits.

Take a look at the full rundown of the show below and click the timestamp to skip to a specific portion of the episode.

2:55 – The situation that surrounds inheriting a home.

3:45 – When you inherit a home, you essentially have these 3 choices.

4:08 – Capital gains will likely be much lower than you expected.

4:33 – Insurance issue you might face if you don’t plan on occupying the home.

6:37 – Pro and cons to renting the home.

8:17 – Dan shares his own family experience and what decision they made with an inherited home.

9:51 – Estate planning falls under the holistic approach to managing your portfolio.

11:28 – Getting to Know You segment: What hobby would you get into if time and money wasn’t an issue?

14:09 – Mailbag question: Should I capture my recent 401k gains and take the risk off the table or should I continue on?  


Additional Resources:

The Plan:

[spp-tweet tweet=”We really are in the midst of the largest transfer of wealth in the history of the world, from the Greatest Generation to the Baby Boomers. And it’s pretty amazing to be a part of. It’s quite a privilege. – Dan Betzel”]

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Dan Betzel – ContactRetirement Trailblazer Guide – Retirement Rescue Toolkit – Call: 614-472-4510