How to Cope With an Inheritance
If you have inherited wealth or are likely to in the future,here are some tips to keep in mind:
- Take your time to grieve and cope with the lossas many major decisions can wait while you take time to make rationaldecisions.
- With so many potential pitfalls out there, seekthe help of an experienced professional.
- Think about your own family as a windfall maymake trust creation and other measures a new necessity.
- If your inheritance comes in the form of an IRA,consider not cashing out and allowing the gains to continue compounding.
- Consider disclaiming some, or all, of the giftif it makes sense.
- Do what’s best for you—remember the money is nowyours and you should allocate assets in line with your needs.
See Scott Bombeck,Coping With an Inheritance, Examiner,July 30, 2013.
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