Inheritance

Receiving an inheritance can occur during a highly emotional time. In the short term, it may potentially create more financial stress than it relieves.

An inheritance can arrive in many forms, including:

  • A house or other real estate
  • Life insurance or annuities
  • IRAs or retirement plans
  • Stocks, bonds, or mutual funds
  • A business
  • Antiques and collectibles

Before you make any major inheritance decisions, you may wish to discuss strategies and options with a financial advisor, an attorney, and a tax professional.

With these professionals, you may want to explore:

  • What type of assets will you receive?
  • What are the estimated values?
  • What taxes may be associated with these inherited assets?
  • How will you integrate your inheritance with your current financial goals?

Identifying your financial goals can provide important clues to managing your new assets. Possible investment options for your inheritance might be:

  • Managing upcoming income and estate taxes
  • Paying off debt
  • Adding to your retirement savings
  • Paying for a family memberís or your own education
  • Financially assisting loved ones
  • Contributing to a favorite charity
  • Setting up a trust or foundation

You can benefit from taking time to discuss with professionals how to receive and use your inheritance wisely.

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