Planning Briefs
Five Steps When You Inherit Assets
Published Tuesday, June 20, 2017 at: 7:00 AM EDT
During the next 30 years or so, an estimated $30 trillion is expected to change hands, and many offspring of older Baby Boomers may inherit a small fortune. Here are five practical suggestions for handling the windfall:
1. Give yourself time to grieve. If you're like most people, the loss of a loved one will come at an emotional cost. So you're probably not going to run out and buy a luxury car or book a cruise the day after the funeral. Allow yourself enough time for your grief to pass before you make any major decisions. Don't let your heart overrule your head.
2. Consider the limitations. Just because you've come into some money doesn't necessarily mean you'll be living on Easy Street. So try to resist the impulse to splurge on items you still can't afford. You might consider using some of the money for a one-time "treat" for your family and use the rest to invest for long-term goals.
© 2024 Advisor Products Inc. All Rights Reserved.
More articles
- How Now, Dow Jones Industrials?
- Don't Be Caught Red-Handed By The Wash Sale Rule
- How You Can Manage Risk Aversion
- Taking Socially Responsible Investing To The Next Level
- One Last Shot At A Tax Exemption
- Sowing Tax Seeds For Capital Gains
- Tax Reform Outlook: Cloudy, With A Chance Of A Law
- Trust As IRA Beneficiary: Not Crazy
- When To Disclaim An Inherited IRA
- Sticking With The Fundamentals
- Grandparents Can Become Big Spenders For Their Offspring
- Fate Of Fiduciary Rule Is Uncertain, But Count On Us
- Timely Tax Angles To Dividends
- What Would Estate Tax Repeal Mean?
- 5 Retirement Mistakes You Can Fix