6 Things Americans Expect To Inherit From Loved Ones

For as long as families have existed, parents have hoped to give their children a better life. Passing down an inheritance is often a major part of achieving that goal.

The exact nature of that inheritance can vary. Recently, New York Life polled 4,437 adults as part of its Wealth Watch survey. Among other things, respondents were asked to identify what they expect to receive as an inheritance.

Here are the things hopeful beneficiaries cited most often.

6. Annuity

Share of respondents anticipating an inheritance who expect to receive this: 14%

If you inherit an annuity, prepare for it to be taxed as ordinary income. This can be costly, especially if you already are in a high tax bracket.

However, the devil is in the details, as the payout structure will play a large role in what type of taxes you will pay and when you will owe them.

5. Family heirlooms

Share of respondents anticipating an inheritance who expect to receive this: 21%

Sometimes, jewelry and other family heirlooms hold tremendous financial value. In other cases, their worth is more sentimental than monetary.

Check out the “10 Inherited Items Worth More Than You Think.”

4. Life insurance policy proceeds

Share of respondents anticipating an inheritance who expect to receive this: 24%

Life insurance is among the most time-tested ways to pass on wealth to spouses and family members. In fact, it is near the top of our list of “6 of the Best Assets To Pass On to Your Heirs.”

3. Investments

Share of respondents anticipating an inheritance who expect to receive this: 28%

Many people spend decades amassing wealth through stocks, bonds and other investments in the hope of leaving loved ones with a better life than they otherwise would have had.

If you are just beginning your investment journey, check out these “28 Investing Tips From Today’s Financial Geniuses.”

2. Property

Share of respondents anticipating an inheritance who expect to receive this: 43%

A large percentage of folks expect to receive property as part of an inheritance. This might be the deceased’s primary home, a vacation home or some other property.

If you expect to inherit property, check out “Will I Have to Pay Income Tax on an Inherited House?”

1. Cash

Share of respondents anticipating an inheritance who expect to receive this: 58%

Cash is still king in this world, and that is also true when it comes to an inheritance.

If you inherit cash and are looking for a safe place to keep it, stop by the Money Talks News Solutions Center and search for great savings and CD rates.