May 05, 2016

What Do You Do With a Toxic Inheritance?

Parties managing a family estate should always investigate to determine if a property in the estate plan could possibly be contaminated. In a FinancialPlanning.com article on the subject, Faegre Baker Daniels offered advice on managing clients who come to inherit these so-called toxic properties. Moe recommended that owners foot the bill to clean up the property when possible, but added that they could sell the contaminated site as is--though he acknowledged that to be "a risky business." The important part is to identify potential contamination and plan ahead when first crafting an estate plan, Moe said. In the worst case-scenario, however, an inheritor could always opt not to accept the property.

"You can always disclaim things that someone has willed to you," Moe said.  

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