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Managing an Inheritance | Print this Article |
Receiving an inheritance often accompanies a highly emotional time. It may even create more financial stress than it relieves. You'll never regret taking a little time to decide how to use your inheritance wisely. You will benefit from taking your time.
When you receive an inheritance, it can open an unprecedented wealth of opportunities. But it also comes with responsibility... quite possibly more responsibility than you've been used to dealing with in life to this point.
Assets, whether money or property, that have been passed on by a friend or relative can make a long-term difference in your life or the gift can be short-lived. You have received a legacy and it is not uncommon to feel the need for professional advice in dealing with it wisely.
Dealing with an inheritance requires consideration and planning, and it is an issue that should be met with timliness and integrity in making it a part of your financial plans and goals.
Understanding your inheritance
An inheritance can arrive in many forms. Before you make any major financial decisions, you may wish to talk over the details with an attorney, a financial advisor and tax professional. You'll want to find out:
Think about your future goals
Identifying your financial goals can provide important cues to managing your new funds. If you received your inheritance from your spouse, partner or other close family member, you may want to consider how you might carry out a legacy or continue shared goals. Additional possibilities for your inheritance:
Preserve your inheritance wealth
Added wealth can come with additional tax, insurance and estate planning issues. A financial advisor can help you decide what may be relevant to your situation:
Charitable giving or gifting
Get help managing an inheritance
When your life and financial situation changes, working with an independent financial advisor can help you make informed financial decisions to help you preserve your inheritance wealth and plan for goals and dreams.