Inherited Wealth

Despite our dreams, we are unlikely to win a big lottery and only a relatively small group will cash in on the sale of a business, but we are in the midst of the largest wealth transfer in history as many baby boomers will receive inheritances from their hard working, successful and savings orientated parents.  Thus, a fair number may be dealing with a material inheritance.  Usually, the heirs are aware of the likelihood of a bequest but perhaps not its size and, sadly, not the timing.  Inheritances are often sudden.

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More money, more problems?

So what would you do with an extra $10,000 or $20,000?  Ok, you'd pay off some debt, get rid of some college loans, or take an extra vacation. But, what if you suddenly had an extra million or $10 million or more?  Coming into a windfall that large gives you some issues to deal with.  Whether it is from inheritance, the sale of your business, life insurance or a big gain coming out of your downsizing, you'll need to re-evaluate your financial position and consider how your sudden increase in liquid wealth will affect your financial and, importantly, your life goals.

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