What You Should Know About Managing an Inheritance

What to Consider When Managing an Inheritance

Receiving an inheritance often comes at an emotional time. It’s a good idea to take your time making decisions regarding what you will do with inherited assets. Before making any major financial decisions, you might want to discuss the details with an attorney, an Investment Advisor and tax professional.

It’s important to assess your inheritance in the context of your overall financial circumstances and long-term financial goals. Your CFS Advisor at Amplify Wealth Management can assist you.

Windfall or Financial Security?

It is usually beneficial to use your inheritance to improve your financial situation. Some of the goals you may want to support include:

• Adding to your retirement assets
• Managing upcoming income and estate taxes
• Paying for college
• Paying off debt
• Supporting your favorite charitable causes
• Setting up a trust or foundation

Keeping your goals in mind when it comes to using your inheritance may help you make better decisions.

Estate Planning

Receiving an inheritance is a good time to plan how you want to distribute assets upon your death. Take the time to update your will to reflect how you would like your estate distributed.