Just inherited cash or assets? Here's what to do next.
Understand your options and possible next steps to help you move forward after inheriting wealth.
Specialized support to help you manage inherited assets.
We recognize that inheriting wealth can bring a range of emotions and financial complexities. From making confident financial decisions about your future to navigating your own estate planning needs, we're here to support you.
If you're looking for ways to invest your newly acquired wealth, tools to make smart decisions about your inheritance, or even professional guidance, you're in the right place.
First things first: Assess your new financial situation.
Now that you've inherited assets, it's a great time to review your finances and reassess your goals. Taking these important steps now can help set you up for long-term success.
Connect with a professional.
Talk to a Schwab Consultant about your financial situation and next steps about your inheritance.
Interested in working with a Consultant? Call 877-769-8006.
Let's work together to help manage your inheritance.
Whether you've inherited a retirement plan, a brokerage account, a savings account, or cash, Schwab has a wide range of investment strategies and financial solutions that can help you maximize your newfound wealth.
Have you inherited a retirement account?
Explore helpful tools, resources, and a few best practices to better understand inherited IRAs.
Resources to help you navigate inheritance taxes.
Tax laws are complex and always changing. A tax advisor can help you understand and potentially reduce the tax implications that may come with your inheritance, such as adding new income or selling a property.
No matter the size of your bank account, you can benefit from the guidance and expertise of a professional tax advisor.
Common questions about inheriting wealth.
Generally, you will not pay federal taxes. The inheritance itself is not considered taxable income at the federal level for the recipient. However, a federal estate tax may apply to very large estates (above a high exemption threshold, which is $15 million per individual in 2026) before assets are distributed.
While most states don't have an inheritance tax, a few states do impose one, which is paid by the heir. Additionally, some states have their own estate taxes that apply to the deceased's estate.
Schwab does not provide tax advice. It's always highly recommended to consult with an estate planning attorney or a tax professional to understand the precise tax consequences for your unique situation.
If you've inherited an IRA and are required to take annual distributions, also known as required minimum distributions (RMDs), you can use Schwab's Inherited IRA RMD Calculator for educational purposes only to see an estimate of how much you may potentially need to withdraw from the account each year to avoid penalties.
Calculator assumptions: Schwab is not responsible for the accuracy or completeness of the information you provide. Please check your records carefully before entering information into the calculator, and keep in mind that these calculations are estimates only.
Schwab does not provide tax advice. It's always highly recommended to consult with an estate planning attorney or a tax professional to understand the precise tax consequences for your unique situation.
Some annuities may have standard or optional death benefits. Depending on the type of annuity that is inherited, there may be optional or guaranteed death benefits the decedent chose as a method of asset protection for their beneficiaries. Before deciding what steps to take with any inheritance that includes annuities, here are a few considerations:
- Evaluate the annuity's terms and any surrender fees.
- Understand the tax implications of receiving payments or a lump sum.
- Assess your current financial situation and future needs.
- Consider the impact on your estate planning.
Schwab professionals can help you determine which annuities might fit your financial plan. Call Schwab at 800-435-4000.
Before deciding to replace your existing contract, however, please consider any surrender charges on your existing contract; possible loss of guaranteed benefits; differences in features, costs, services, and company strength; and other factors which could reduce or eliminate the benefit of the exchange.
Schwab does not provide tax advice. It's always highly recommended to consult with an estate planning attorney or a tax professional to understand the precise tax consequences for your unique situation.
Need help with estate planning or a recent inheritance? We're here to support you.
Connect with a Schwab professional for help with your financial situation, no matter how simple or complex.