How long does settling an inheritance typically take?

Simple estates may wrap up in a few months, while more complex estates that go through probate can take 9–18 months or longer. Timelines vary by state, asset types, and any disputes.

What is a Medallion Signature Guarantee and when do I need it?

A Medallion Signature Guarantee verifies your identity for certain financial transfers (e.g., retitling securities). You may need it when moving inherited stocks, mutual funds, or when changing account ownership.

Do I owe taxes on an inheritance?

The U.S. does not have a federal inheritance tax, but a few states do. Estates may owe federal and/or state estate tax, and inherited assets can have income tax implications (e.g., IRAs). Always consult a qualified tax professional.

How does step-up in basis work for inherited investments?

Most taxable investments receive a step-up in cost basis to fair market value on the decedent’s date of death (or alternate valuation date if elected), which can reduce capital gains when you sell.

What are my options for an inherited IRA?

Options depend on your beneficiary status (spouse vs. non-spouse) and the decedent’s age. Many non-spouse beneficiaries must empty the account within 10 years; some beneficiaries may have annual RMDs. Rules are complex—confirm with your advisor.

Should high-income individuals consider disclaiming an inheritance?

In some cases, yes. A qualified disclaimer can redirect assets to contingent beneficiaries (e.g., children or trusts) and may align with wealth transfer, tax, or asset-protection goals. Generally, a disclaimer must be in writing, irrevocable, completed within specific deadlines (often within 9 months of death), and you must not accept any benefit from the assets beforehand. Disclaimers are technical legal acts—consult your estate attorney and tax advisor to evaluate implications for your income level, state law, and overall plan.

How can special needs considerations affect inheritance planning?

If a beneficiary has a disability, directing assets to a properly drafted special needs trust or using ABLE accounts can help preserve means-tested benefits while providing resources for quality of life. Work with a Chartered Special Needs Consultant (ChSNC®) and an attorney.

What charitable strategies could make sense with inherited assets?

Depending on goals and asset types, strategies like donor-advised funds, qualified charitable distributions (QCDs) from inherited IRAs (if eligible), or gifting appreciated assets may be considered as part of a broader plan.

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Grieving a Loved One While Managing Their Legacy? You’re Not Alone.

Inside our Free Inheritance Guide, You’ll Learn:

How long inheritance typically takes and why it can stretch 6–18 months
What the probate process looks like — and what assets might skip it
When you’ll need a Medallion Signature Guarantee to transfer assets
The tax implications of inherited IRAs, property, or investment accounts
Which documents you’ll need and how to stay organized
How to avoid rushed decisions and manage your inheritance wisely

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Receiving an inheritance can be both a blessing and a burden. Alongside the emotional weight of loss, you’re suddenly faced with big financial decisions that can have long-term consequences for your future. At MCC Wealth, we understand how overwhelming this time can be—and we’re here to help. Whether you’ve inherited cash, property, investments, or retirement accounts, we guide you through the process with empathy, clarity, and personalized strategies. Our goal is to help you honor your loved one’s legacy while making confident decisions that support your life, values, and financial future.

We simplify the complex issues of inheritance. Our team is here to help you plan and manage around your new reality. Give us a call today to learn how we can help you.

You've Inherited More Than Money - You've Inherited Responsibility

Grieving a Loved One While Managing Their Legacy? You’re Not Alone.

Inside our Free Inheritance Guide, You’ll Learn:

Get Our Free Financial Windfall Guide

We simplify the complex issues of inheritance. Our team is here to help you plan and manage around your new reality. Give us a call today to learn how we can help you.

How Can We Help?

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Free Financial Windfall Guide