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The “great wealth transfer” is underway, with an estimated $70 trillion worth of assets expected to pass from the older generation to the younger over the next two decades. However, despite the anticipation of receiving an inheritance, a staggering 58% of adults feel ill-equipped to handle newfound wealth. In this blog, we provide essential financial tips to help you effectively manage inherited assets and turn this significant windfall into a lasting legacy.
The “great wealth transfer” is underway, with an estimated $70 trillion worth of assets expected to pass from the older generation to the younger over the next two decades. However, despite the anticipation of receiving an inheritance, a staggering 58% of adults feel ill-equipped to handle newfound wealth. In this blog, we provide essential financial tips to help you effectively manage inherited assets and turn this significant windfall into a lasting legacy.
Assessing the Situation: Before making any decisions, it’s crucial to delve into the specifics of your inheritance. This involves understanding the types of assets involved, identifying outstanding debts or taxes, and recognizing any legal obligations that may arise.
Understanding the Taxes: The tax implications of your inheritance depend on the type of assets received. We break down the taxation process for three main asset categories:
Having a Thoughtful Plan: Avoid the common pitfall of frivolous spending by implementing a strategic plan for your inheritance. Consider these steps:
Working with a Professional: Recognizing the complexity of managing an inheritance, seeking professional guidance is crucial. Inheriting money is a top reason people turn to financial advisors for assistance in managing investments, tax planning, estate planning, and retirement planning. At Blue Bell Wealth Management, we’ve assisted numerous clients in navigating inheritances. Feel free to reach out to us for expert help.
At blue bell wealth management, we have helped hundreds of client households navigate an inheritance, feel free to contact us for help.
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