• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Potter Law Firm

North Carolina and Kentucky Estate Planning Attorneys

phone iconNC (704) 944-3245
KY (606) 324-5516
Attend A Free Seminar - KY Attend A Free Webinar - NC/SC THIS IS AN ADVERTISEMENT

  • Home
  • About Us
    • About Our Firm
    • Attorney and Staff Profiles
  • Practice Areas
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration
  • Elder Law
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
    • Veterans Benefits
  • Communities We Serve
    • Kentucky
      • Boyd County
        • Ashland
        • Florence
      • Kenton County
        • Covington
        • Fort Mitchell
        • Independence
    • North Carolina
      • Mecklenburg County
        • Charlotte
        • Davidson
        • Huntersville
  • Resources
    • Definitions
    • DocuBank
    • Elder Law
      • Elder Law Links
      • Elder Law Reports
      • Local Elder Law Resources
        • Ashland Elder Resources
        • Covington Senior Resources
        • Huntersville Elder Law Resources
        • Independence Senior Resources
    • Elder Law Reports
    • Emergency Legal Documents
    • Free Estate Planning Seminars
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Estate Planning
      • Frequently Asked Questions for Families Without an Estate Plan
      • IRA & Retirement Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid
      • Pet Planning
      • Trust Administration & Probate
    • Is Your Estate Plan Outdated?
    • Kentucky Probate Resources
      • Ashland, Kentucky Probate Resources
    • Newsletters
    • North Carolina Probate Resources
      • Huntersville, NC Probate Resources
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Elder Law Reports
      • Estate Planning for Niches
      • Trust Administration
  • Contact Us
  • BLOG
Home » Estate Planning » Inheritance Planning: Advance Liquidation Can Make Sense

Inheritance Planning: Advance Liquidation Can Make Sense

April 21, 2021 by Pamela Potter

inheritance planning collection 1You have spent a lifetime accumulating your possessions, and many of them mean something to you. This is a beautiful thing, and when you are thinking about your legacy, passing these items along may be a very meaningful act.

Without question, there are probably family heirlooms and other items that certain family members are fond of, not all items fall in this category.

In these rapidly changing and challenging times, lifestyles are evolving, and you should take this into consideration when you are evaluating your belongings.

Residential Property

The place that you call home is very special on a number of levels. It may be the house that you raised your family in so your children would feel an emotional connection to the property.

Beyond this, you selected that particular home because it appeals to your sensibilities so you view it as one-of-a-kind. For this reason, you may want to keep the home in the family when you are devising your estate plan.

In many instances, this is not a good idea. Your children probably feel the same way about their own respective homes, and it is impracticable to expect them to share ownership of the property for sentimental reasons.

If you have one child that would definitely like to inherit the home, you can build a plan from there; but many people are not in this position.

You may recognize that downsizing would make sense at some point, and you should not let impractical sentimentality stop you from moving on if it makes sense.

Of course, if you are going to stay in the home for your own reasons, you can plan your estate with the expectation that your children will sell the home and split the proceeds.

Vacation Home

A vacation home can seem like the ideal piece of property to leave to your children. There would be no one living in it full time so they can all enjoy this shared family treasure, and it can be passed along to your grandchildren.

This is a nice idea, and for some people, it can be the right choice. That being said, if you are wondering how you are going to send your children to college or pay down your credit card debt, partial ownership in a vacation property may be impractical.

If you find that you are not spending time in the home yourself late in your life, it could be time to consider selling the property if the market value is right.

Collections

A lot of people have collections of different types; and if you are one of them, you may have spent many years searching for rarities. The items are very difficult to find so they are your prized possessions.

Your children may see them in a different light, though, even if they understand that there is value there. As anyone who has watched American Pickers knows, children who inherit collections are sometimes placed in very difficult positions.

When an inheritors do not have the experience to understand what each item is worth, they are at a disadvantage; and it is time consuming to try to figure it all out. As a collector, you are well-positioned to liquidate the items in advance, and your children will be the ultimate beneficiaries.

Accentuate the Positives

At first, it is hard to wrap your head around the concept of letting go of things that you have worked hard to accumulate. Of course, in a broader sense, this also applies to the stark reality of human mortality.

If you accept the inevitable and envision the situation your children will be in after your passing, you may see that liquidation is a good idea. You will be doing your loved ones a favor, and the reduced clutter can actually enhance your life on a day-to-day basis.

We Are Here to Help!

Our doors are open if you are ready to work with an Ashland, Kentucky estate planning lawyer to put a plan in place. You can schedule a consultation appointment right now if you call us at 606-324-5516.  Our office in Florence, Kentucky can be reached at 859-372-6655.

The number in Charlotte, North Carolina and Huntersville, North Carolina is 704-944-3245, and you can use our contact form if you would like to send us a message.

 

  • Author
  • Recent Posts
Pamela Potter
Pamela Potter
Owner and founder of the Ashland, Kentucky based Potter Law Firm, Ms. Potter concentrates her practice in the area of estate planning, estate administration, and elder law. Mrs. Potter’s goal is to help her clients plan secure financial futures for themselves and their families. To achieve that goal, her firm offers a wide range of estate planning services, including wills, trusts, and powers of attorney in addition to probate, estate administration, elder law, and Medicaid Planning services.
Pamela Potter
Latest posts by Pamela Potter (see all)
  • 2022 Estate Tax Exclusion Has Been Set - December 6, 2021
  • An Overview of 2022 Medicare Cost Increases - November 24, 2021
  • Elder Financial Abuse Is a Looming Threat - November 22, 2021

Filed Under: Estate Planning Tagged With: estate liquidation, Inheritance Planning

Other Articles You May Find Useful

How to Gift to Your Grandchildren in Your Estate Plan
pour-over will
What Happens If I Leave Property Out of My Living Trust?
estate tax
2022 Estate Tax Exclusion Has Been Set
QTIP trust
How Can You Protect Your Children’s Inheritances If You Get Remarried?
probate
Are There Any Probate Shortcuts in North Carolina?
life estate
What Is the Purpose of a Life Estate?

About Pamela Potter

Owner and founder of the Ashland, Kentucky based Potter Law Firm, Ms. Potter concentrates her practice in the area of estate planning, estate administration, and elder law. Mrs. Potter’s goal is to help her clients plan secure financial futures for themselves and their families. To achieve that goal, her firm offers a wide range of estate planning services, including wills, trusts, and powers of attorney in addition to probate, estate administration, elder law, and Medicaid Planning services.

Free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Texting Permission

Follow Us

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Subscribe to Our Blog

  • This field is for validation purposes and should be left unchanged.

Testimonials

default image

Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

default image

John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

default image

My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

Jillian Client Review August 28, 2020

<< Prev
Next >>

Where We Are

Ashland

ASHLAND
1620 Carter Avenue
Ashland, KY 41101-7631
Phone: (606) 324-5516
Fax: (606) 324-4766

Charlotte

CHARLOTTE
15720 Brixham Hill Avenue
Suite 300,
Charlotte, NC 28277
Phone: (704) 944-3245

Huntersville

HUNTERSVILLE
11330 Vanstory Drive
Huntersville, NC 28078
Phone: (704) 944-3245

Northern Kentucky

NORTHERN KENTUCKY
7310 Turfway Road
Suite 550,
Florence, KY 41042
Phone: (859) 372-6655

Office Hours

Monday8:30 AM - 4:30 PM
Tuesday8:30 AM - 4:30 PM
Wednesday8:30 AM - 4:30 PM
Thursday8:30 AM - 4:30 PM
Friday8:30 AM - 3:00 PM

Map/Location

potter_sidbr_map
potter law logo
  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

The information on this website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. The information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Privacy Policy | Terms of Service | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys

© 2023 American Academy of Estate Planning Attorneys, Inc. THIS IS AN ADVERTISEMENT