Be Respectful of Your Inheritance: Tips for the Wise

It's a privilege to be a part of a shrinking segment of the population that collects an inheritance. You shouldn't squander it, but show your honor and respect by handling it with care.

1. Don't Make Hasty Decisions

You may not have received as much money or as many assets at once ever before in your entire life, and it can be tempting to spend all of your inheritance in a short time. That is not a wise move, and some parents guard against it by spreading out the inheritance over years. Don't make major purchases within the first three months of receiving the inheritance, except to pay off your debts.

2. Pay Off All Debts

Here's your chance to get out of debt. Use the inheritance to pay every business or person you owe. It's a new start in life that not many people get to enjoy. Depending on the size of your inheritance, you may be able to pay off even a mortgage.

3. Get Tax Help

Hire a tax attorney to consult with you on the decisions you want to make regarding the inheritance. There will be tax consequences, and you want to choose options that minimize your tax liability.

Your inheritance could position you to have a great financial future. Don't ruin it.

 

 

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