How to Handle Your Inheritance Wisely
Processing a Loss While Being Financial Smart
If you’ve recently come into money left by a loved one, you are likely juggling a lot in your life. First and foremost, you’ve just lost someone you care about deeply. That alone is a lot to process.
It is important to allow yourself time to grieve. Depending on your relationship, you may have duties that will take a far higher priority at this time, such as making plans for services or necessary arrangements.
During this time, and in the coming months, it is also likely you will be offered a lot of unsolicited advice. Many friends and family members will likely tell you everything to do - and not do - with any inheritance you may have been left. While those that care about you mean very well, I am sure, this is a time to seek professional advice.
Consult a Financial Professional
No matter the amount you are left, it is important to invest or save these funds wisely. Far too often, I hear stories of a “squandered inheritance.” And most of the time, good intentions tend to fall by the wayside.
Let’s face it. It is not very often the average person ever handles a large sum of money. Whatever the source, it is just not something we typically budget for or have experience handling.
This is, however, the ideal time to speak with a professional. We know the ins and outs of the complicated laws and red tape that can often come along with inheritance. Additionally, our expert staff is well versed in all of the best ways to invest, save, and conserve your funds.
Whether you are planning for your own retirement, opting to save for your children’s education, or just want to enjoy a few bucket list vacations or major purchases, it is always best to seek the advice of a financial professional to make sure you are getting the very most from your money.
You may have some ideas of your own, but do you know what gets you the best “bang for your buck” in today’s market?
Should you pay off your home mortgage?
Is it wise to enjoy some of the funds?
Should you pay down your debts such as credit cards or loans?
Do you understand the tax implications of your purchases?
These are just some of the questions that can arise. That’s why having a financial professional at your side, who has your best interests at heart and is unbiased to your particular family situation, provides you with the know-how to make the best decisions that work for your unique needs.
Just remember these key steps when you inherit cash:
Take your time and think it over
Don’t panic or make snap decisions, especially while grieving
Consult a financial advisor to understand all of your choices
We are here, anytime, to discuss options with you. At Gretchen Rehm Financial, we have been guiding families through difficult choices just like yours for many years. Feel free to make an appointment online at your convenience, when you are ready. We are here for you!
