Expecting an inheritance?
Here are 5 of the toughest questions you will likely have when receiving an inheritance:
If you leave your children an inheritance, what will your kids do with your money one day? Often, people I meet who receive an inheritance manage the cash influx well. Together, we create a financial plan and then invest according to the plan, in an effort to meet their financial goals…. Read more
Two years after being diagnosed with pancreatic cancer, my father passed away. He left his daughters a houseful of memorabilia and his investment accounts.
Along with the emotional turmoil, I was faced with the task of processing the estate. I learned a few valuable lessons that I hope you can use to organize your own finances to make it easier for your heirs (in 120 years…)…. Read more
One of the most common side effects of receiving an inheritance is anxiety. This anxiety can be caused by the desire to honor the memory or wishes of the deceased, or fear of making a financial mistake. It should be comforting to have more money, but sometimes the cash infusion only increases financial worries. … Read more
“If you spend that amount of money from the inheritance you just received,” I told a client a few years ago, “it’s going to vanish over time.” Guess what? It did. This client spent hundreds of thousands of dollars and had nothing to show for it, other than feelings of regret…. Read more
What would be your first reaction if you received an inheritance?
When a client received an inheritance from her elderly aunt, she told me:
“I thought she was going to leave everything to my cousin. I never imagined in my wildest dreams that any of it would come to me. Although the extra money will come in useful,… Read more
If you inherit an IRA (Individual Retirement Account), it’s important to be aware of the regulations concerning transferring the account to you, the “beneficiary.” In addition to your financial advisors guiding you through the technical requirements for processing the account, they should help you with any possible emotional angst you inherited along with the monetary. … Read more
One of the most important issues in estate planning is what happens to your money after you die. How quickly your heirs receive the inheritance depends largely on your estate planning. (If you’re having any difficulties with an inheritance, please email me at doug@profile-financial.com.)
Three things to consider when planning your estate
When setting up U.S…. Read more
A new client recently told me, “My late father left me an inheritance of an IRA (Individual Retirement Account) worth $1.5 million, and I’m the sole beneficiary. What should I do with it? If I bring the money to Israel, I’ll have to sell the stocks and wire the money to my account here…. Read more
Recently, a couple asked me for advice on how to invest funds that they had just received as an inheritance. They didn’t need the inheritance for themselves, and they wanted to pass it along to their children (four children with a wide range of ages).
The couple’s oldest child was married and wanted to buy a house,… Read more
