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Managing an Inheritance
For most people, an inheritance represents the single biggest windfall they will ever receive. If you inherit money, even a modest amount, the first thing you should do is — nothing. You need time to carefully consider your options so you don't make an impulsive decision.
An inheritance can offer you an opportunity to permanently improve your financial security, and you may need some professional advice to maximize the benefits.
Things to Consider:
Weighing your options
Investing your inheritance can create an opportunity to reap financial rewards for the rest of your life. Buying a fancy new sports car or moving to a larger house will probably only erode the earning power of your inheritance. Unless you've already established a secure financial future, investing can be an exceptionally astute financial move.
Seizing an opportunity
If you've been feeling a little behind in your retirement savings plan, an inheritance can offer you an opportunity to catch up. You may want to add extra amounts and allow the money to grow tax deferred. A financial professional can explain the various tax implications of a windfall like this.
Choosing other investment options
Particularly if you've inherited a large sum, you'll probably need help from a financial professional. You may choose to put your money in a trust, for example, or some other protective investment structure. If you want to invest, your financial professional may suggest a tax-advantaged fund. These funds carefully monitor tax consequences and seek to control tax liabilities. The best advice is to explore your options before you simply spend what may be your biggest financial opportunity.
Nothing contained in this publication is intended to constitute legal, tax, securities, or investment advice, nor an opinion regarding the appropriateness of any investment, nor a solicitation of any type. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a qualified professional.
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