If you’re in a position to give or receive an inheritance, one of the biggest decisions is when the optimal time for a wealth transfer is—before or after death? Both choices have meaningful advantages and disadvantages, and the right choice varies depending on your financial situation, family dynamics, and where you are in life.
The timing of wealth transfer is one of the most consequential and least discussed decisions families face. It's not just a financial matter. It's a question about trust, control, love, and what we believe money is actually for. And it doesn’t have to be all or nothing!
Maura and I have different professional backgrounds. I am an investment advisor and wealth manager, with over 40 years of experience in finance. Maura McInerney-Rowley is a death doula, grief educator, former hospice director, founder of Hello Mortal, and Co-Creator of the viral personality test Death Archetypes. But the reason we do this work and how we found each other is personal. We are two women who have lived on both sides of this conversation. Maura lost her mother when she was 20. And nine years ago, my husband, Ed died, which changed everything for me and my daughters.
Our losses were different, but the territory was familiar: the decisions made under grief, the things we wished had been handled differently, the love we are grateful for, and the many challenges we faced. We found ourselves in the same conversation, coming from different directions. Maura offers the child's perspective and I, the spouse’s and mother’s. We thought it would be helpful for people to see both perspectives.
Not everyone wants to transfer wealth early. They may prefer to wait because they want to preserve their own financial independence and avoid the risk of running out of money. For them, keeping control until death feels safer and more responsible.
Some parents don’t like to talk about money with their children. They fear money discussions will demotivate their kids and take away the satisfaction of building their own success. Further, people may worry that money given too soon could be spent unwisely, lost in a bad marriage, or tied up in a poor business partnership.
Tax treatment can be an important factor in your decision making. If you wait to give appreciated securities or real estate until after you die, the recipients get a stepped-up cost basis. When the recipients go to sell the inherited assets, they pay taxes based on a value on your date of death rather than what the asset originally cost. While the idea of a stepped-up cost basis is appealing as a tax saving strategy, it may not be worthwhile if the money would better benefit someone today, or if your assets will likely be subject to estate taxes.
In many families, the timing of wealth transfer becomes a balance between generosity and caution, trust and protection, teaching and restraint.
Maura’s perspective:
As children, we want our parents to have enough money to take care of themselves. And only they know what their finances actually look like, and what makes sense to give now vs later. And that runway may be longer than any of us anticipate—Americans are living longer than any previous generation, which means the financial cushion required is also larger than most people plan for.
For many aging parents, their wealth is also their last meaningful form of independence and agency. The ability to have control over something, at a time when they're navigating physical changes and watching their social circle shrink in ways they can't control. Taking that away prematurely, even with the best intentions, can be psychologically damaging in ways that don't show up on a balance sheet. There's a difference between someone who chooses to give and someone who feels pressure to.
Sometimes the beneficiary simply isn’t ready to receive wealth. Financial maturity, emotional stability, and basic literacy about money aren't guaranteed at any age. And a large sum arriving at the wrong moment can do more damage than good. There's no shame in acknowledging that about yourself, or about someone you love. If you're planning to transfer after death, a trust (which is a legal arrangement that lets you pass assets to someone while controlling the terms) can build in guardrails—a minimum age, a specific milestone, a condition, so the timing isn't left to chance or circumstance.
When my mother died, I was 20 years old, I was grieving, and I was not okay. If I had come into a significant amount of money at that moment, I would have spent it irresponsibly. What I did receive was an Inherited IRA, which required minimum distributions each year, but I can’t access further without penalty until retirement age. While sometimes, I wish I could access the money now, in hindsight, that was a good move.
** The law has since changed since my Maura’s mother died. Anyone receiving an inherited IRA today has to withdraw all of it within ten years and pay the taxes.
- A certified financial planner is trained to help you understand your total financial picture, gathering information about the value of your assets today and what they may be worth in the future.
- An estate attorney will help you draft documents such as a will, durable powers of attorney, and health care directives. They can also set up a variety of trusts depending on your situation.
- A death doula can help you think through how to have conversations with the people you're going to leave gifts to. They can also help you create and pass on something more valuable than money, such as an ethical will.
You don't have a choice about dying, but you do have a choice about when to transfer wealth. And the people who make it intentionally—who sit down and actually ask themselves what they want their money to do, and when, and for whom—tend to have fewer regrets. Practicing financial mindfulness—being aware of your finances and engaging with them rather than avoiding them—can lead to better financial outcomes and greater psychological well-being, according to research from Georgetown's McDonough School of Business.
There's no universal right answer, but there is a right time to start asking the question. And it's probably earlier than you think.
And this goes both ways. If you're on the receiving end of this conversation—an adult child, a partner, a beneficiary—the invitation is the same. It can feel awkward to bring up money with the people you love, like you're circling something you're not supposed to want. But asking the question isn't greedy. It's helpful to everyone.
So consider this your invitation (whether you're the one holding on or the one waiting to receive): think about what you're holding, and why. Think about what you're hoping for, and whether you've said so. Consider what letting go might make possible for the people you love, and for yourself. Have the conversation now, while you still can.
We'd love to hear from you: Have you thought about what you want to pass on—financially or otherwise? Have you had this conversation about it? If a parent has already died, what was that experience like, and what do you wish had been different?
— Lori & Maura
Lori Zager is a co-founder and member of 2X Wealth Group which is a team at Ingalls & Snyder, LLC, a federally registered investment adviser with its main offices located at 1 Rockefeller Plaza, New York, NY 10020. This material is being provided for informational purposes only, and is not intended to be a source of any specific investment recommendations and makes no implied or express recommendations concerning the manner in which your accounts should be handled. Each individual’s situation and circumstances vary. Therefore, you should consult an investment professional regarding your specific circumstances, needs and goals prior to taking any action. While the information contained herein is believed to be reliable, there is no representation that it is accurate or complete and it should not be relied upon as such.
Charitable giving with appreciated stock can be one of the best ways to support causes you care about. Donating highly appreciated stock combines philanthropy, tax efficiency, and tactical portfolio management in a single move. You can take a charitable deduction based on the current market value (subject to IRS rules) of your stock, typically avoid capital gains tax, and simultaneously trim concentrated or overweight positions in your portfolio.
U.S. markets started the year on a positive note with the S&P 500 reaching a peak of 6,978 in January, up 1.95% from the 2025 close. Sector rotation was the most notable market activity in the first quarter as investors exited software and Magnificent 7 stocks in favor of old economy sectors such as energy, materials, and industrials. As a result, the Dow Jones Industrial Average delivered much better results, reaching a peak of 50,188 in early February, up over 13% for the year.
2025 began with markets walking a tightrope between optimism and anxiety. Investors were asked to believe in rapid technological progress while navigating geopolitical flashpoints, stubborn inflation, and historically high government debt. Against that backdrop, our investment themes leaned toward quality and earnings growth. As the year unfolded, markets delivered a clear verdict on our ideas, rewarding assets tied to real value, earnings power, and structural change rather than speculation or valuation excess.
The artificial intelligence boom is reaching a critical juncture. After years of explosive growth, the economics of AI are shifting in ways that could upend who actually profits from the technology. While investors have poured billions into building the infrastructure behind AI, history suggests that the biggest winners may once again be the users—not the makers—of this new form of intelligence. Please see our initial blog on AI entitled, AI: The Intelligence Revolution
The coming AI revolution is going to be 100 times bigger than the industrial revolution – 10 times bigger and maybe 10 times faster, says Demis Hassabis, the CEO of DeepMind, the artificial intelligence arm of Google, and Noble Prize winner. We’ve received many questions from our clients about the impact of AI and how best to invest in it. Our first attempt at tackling this important topic follows.
Traditionally, the answer for most investors has been a resounding yes. For decades, many benefited from the positive performance of the standard 60/40 portfolio (60% equities/40% bonds). But times change, and bonds may not provide the security they used to. We review the primary benefits of bonds, discuss which types are the best portfolio diversifiers, and when bonds can be most effective.
There is no ‘one-size fits all’ answer to this question. Every recession or bear market is driven by a unique set of events, and the portfolio strategies that work best depend on the specific causes and the prevailing political and economic circumstances leading to the downturn.
Markets around the world are down today due to Trump’s unexpectedly punitive tariffs. These tariffs are feared to be inflationary and may cause a recession in the U.S. and abroad.
As Lenin famously said,” there are decades where nothing happens and weeks where decades happen.” We find ourselves in the thick of chaos, with daily political announcements and stock market gyrations. We anticipated volatility, but we got more than we bargained for.We work hard at fighting confirmation bias. In this blog, we attempt to understand different points of view and explain the steps we have taken in the current environment.
Deep Thoughts and DeepSeek
In 2024, much of the 25% equity market return came from multiple expansion. Earnings for S&P 500 companies only grew about 10%, but the amount investors were willing to pay for those earnings (P/E multiple) expanded by about 16%. Thus, about two thirds of 2024 equity performance came from multiple expansion.
In memory of famous investor Byron Wien, who was known for his list of 10 surprises each year, we provide our own list of potential economic, financial, and political surprises for 2025.
Is the Recent Runup in Chinese Stocks a Durable Rally or a Flash in the Pan?
In August of 2021, we decided China was un-investable and reduced our exposure to Chinese equities. In our blog “From Beijing to Wall Street” (here), we detailed our rationale.
Halloween Came Early
Ouch. Since August 1, the S&P 500 has fallen over 7%, a dramatic move, but not yet a correction from the July highs. However, the NASDAQ is down over 10% and firmly in correction territory.
What’s Happening Under the Covers
Why the U.S. Economy Has Remained Resilient in Spite of the Fed Raising Interest Rates and Reducing Their Balance Sheet
In memory of famous investor Byron Wien, who was known for his list of 10 surprises each year, we provide our own list of potential economic, financial, and political surprises for 2024.
If you just landed from Mars and we told you that three good sized U.S. banks had failed, the Federal Reserve had raised rates 5% in 13 months, the yield curve had been inverted since last year, the latest Senior Loan Officer’s Survey showed banks less willing to lend while already at recessionary lending levels, and according to Treasury Secretary Janet Yellen, we are within two weeks of the government running out of money to pay its obligations, would you believe the S&P 500 is up about 9% thus far this year?
How Banks Work
What Causes Banks to Fail
How the Government is Responding
How Bank and Brokerage Accounts May Be Protected
Dilemma for the Federal Reserve
We suspect most people think getting inebriated is more fun than sobering up.
We hate to sound like a broken record and ruin the party, but inflation presents a problem which won’t be easily fixed.
The four most dangerous words in investing are “this time is different”.
A Tongue in Cheek Guide to the Latest Investment Concepts
Mine your reward coins as you read our blog!
Who doesn’t love the story of David’s triumph over Goliath? This past week a group of “small” investors made tremendous amounts of money (on paper at least) by buying stocks that were heavily shorted by large, sophisticated hedge funds.
Markets hate uncertainty, and we can’t remember an election with such potential disparate outcomes. As we speak, the presidential race looks closer than ever, and the Senate majority is in question. Meanwhile the pandemic rages, and the President and Congress can’t agree on a stimulus plan. It’s no surprise stock market volatility has risen.
Fires are burning. The presidential election has never been more heated, and our whole election process is repeatedly questioned. The cold war with China continues to brew regardless of the political party in power. A global pandemic has taken hundreds of thousands of lives and jobs, created loneliness for our seniors, and caused those entering hospitals for medical procedures to endure alone.
He woke up today and asked us for an update. We explained there was a global pandemic that had claimed almost 400,000 lives worldwide and more than 100,000 in the United States.
How can we treat our ailing financial markets?
Medical experts say widespread lockdowns and social distancing must happen to contain the coronavirus and avoid overwhelming our hospital system.
the Coronavirus
Bombs and tweets couldn’t sink the S&P 500, but Covid-19 did.
While there is a role for gold in a diversified portfolio, gold is not universally liked or owned by investors and wealth managers.
The rates on overnight repurchase agreements, known as repos, suddenly rose above 9% last week.
We never really know where markets and the economy are headed, but market participants constantly look for clues.
Why does the current market tone feel different from the February and March stock market selloffs?
When do they protect you? When do they hurt you?
Worst Day Ever for the Dow Jones Industrial Average!
Perspective As the current bull market ages (from the bear market end in March 2009) investors are increasingly worried about buying at the peak.
The basic difference between a mutual fund and an exchange traded fund (ETF) is that an ETF trades like a common stock as its price changes throughout the trading day.
Brexit is spurring a flight to quality move into US Treasuries.
The short answer is yes.
