"I’m Inheriting Money Unexpectedly. How Do I Handle This Wisely?" DM Lightning Round

YOU ASK. WE ANSWER:

I’m inheriting money unexpectedly. I’m scared about the tax implications, what to do with the funds, and I have a fear of mishandling the money and losing it all. What steps should I take to make sure I don’t mess this up?

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Lindsey asked us through the ask page:

“I’m inheriting money unexpectedly. I’m scared about the tax implications, what to do with the funds, and I have a fear of mishandling the money and losing it all. What steps should I take to make sure I don’t mess this up? “

Inheriting money unexpectedly can come with an immense about of pressure! We get that this could be life changing for you- but in order for it to be most beneficial for you, it must be handled appropriately.

Here are 4 steps when you unexpectedly inherit money:

  1. Take a deep breath! You’ll be amazed at who will come out of the wood work to take advantage of you. Don’t make ANY rash decisions. Just breathe and take this process as slow as possible.

  2. Research and wisely choose a financial planner you trust.

  3. Talk through the tax implications.

  4. Make a plan.


The main takeaway when inheriting money is this: THERE IS NO RUSH!

The decision on what to do with your money should be handled in YOUR time. It’s ok if the process takes a while. Don’t ever make a decision with your money based out of intensity or pressure in the moment.

If you’re in this position now and need more specific guidance, then our team is here to help! Click here and tell us about your situation.

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