- 1). Get an inheritance advance directly from the person you will inherit from. Realize that some people are not aware of the $13,000 or less annual gift exclusion ruling from the IRS. Study the IRS publication free at irs.gov/pub/irs-pdf/p950.pdf. Using this process is one way to get an advance on your inheritance. Note the testator can also gift your spouse (if applicable) an additional $13,000 for a total of $26,000 without a gift tax penalty.
- 2). Be aware the discussion of future inheritance money is considered taboo for many people and downright tacky to some, so requesting an inheritance advance should be done as tactfully as possible. Being honest in your request and honest with yourself should be foremost.
- 3). Know that an inheritance can be held up in probate for an indeterminate amount of time. Research companies out there who specialize in awarding inheritance advance in the form of a loan to those who are awaiting monies or properties from the deceased's estate. Get the advice of a trusted financial advisor before proceeding with this type of inheritance advance.
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