What You Need To Know
Below are just a few key aspects that you should consider and watch out for if you are inheriting assets from a loved one or otherwise inherit a sudden windfall of assets. Each of these areas will play an important role in your life and may affect each other in one way or another over the next few decades to come.
1) Make an inventory
Before you take any action, it is a good idea to get organized. Create an inventory of all the tasks that need to be completed and all accounts that will need to be transferred - that way you can be more efficient and ensure nothing is left behind.
2) Seek professional assistance
Laws and regulations are always changing. Consult an experienced and knowledgeable financial, tax, and/or legal advisor to discuss your specific circumstances to ensure you don't make any costly and irreversible mistakes.
3) Create a plan - don't splurge!
It may be tempting to pay off debts, buy a nice car or house, or take an expensive trip. Before you start spending any of your new wealth, create a plan that will make the most of your new assets and will be the most efficient in helping you reach your goals, while still being able to splurge.
Common Mistakes
NOT SEEKING ADVICE
Professional advisors can help you avoid common and costly mistakes
NOT UNDERSTANDING TAXES
Not considering the tax implications
can bring a surprising tax bill
SPENDING IT TOO QUICKLY
Loosing out on future growth potential by spending too quickly
Services You Should Consider
Sudden windfalls can cause anxiety and mismanagement can lead to costly mistakes. Discussing your situation with an experienced and knowledgeable expert can help you avoid potential mistakes and help you create a plan to use your new assets in the most efficient manner possible to achieve your current and future needs and goals.
Investment Management
NEAR AND LONG-TERM STRATEGY
Working with a fiduciary advisor can help you avoid mistakes and create the most efficient long-term plan for your new wealth.
Tax Planning, Prep, & Filing
EFFICIENT TAX STRATEGY
Ensure you are aware of any tax implications when transferring assets and minimizing any potential current or future tax liabilities.
Insurance Solutions
PROTECTION FOR THE FUTURE
Inheriting new assets and wealth may affect the amount of insurance coverage you need. We can help you evaluate any potential needs.
Estate Planning
AVOID CONFLICT & PROBATE
Access our network of trusted attorneys that can help evaluate your estate planning needs and help you avoid conflict and probate.
Have Questions or Need Advice?
By offering most tax, investment, planning, and insurance services in-house, we are dedicated to helping you reduce fees and save time when it comes to helping you achieve your financial goals and needs. You will gain peace of mind knowing all of your affairs will be coordinated, aligned, and managed with one simple phone call.