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Handling Unexpected Inheritances

By Gerry W. Beyer

Unknown-1USA Today asked financial planners and heirs for advice on managing unexpected inheritances. Below are some of their main suggestions:

  • Don’t make any major decisions until you have talked to your financial advisers.
  • Don’t quit your day job yet – your inheritance will last longer that way.
  • Be discreet about your inheritance to avoid jealousy from other family members. Being discreet can also limit the amount of lucrative investment suggestions you get from friends and family.
  • Address your pressing financial needs first.
  • Pay attention to new tax issues that come with the inheritance.
  • Be true to your values when you are working with your adviser to create a portfolio.

See Sandra Block, How to Get the Most From an Unexpected Inheritance, USA Today, Apr. 9, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.

Posted in:
Estate Planning - Generally