Financial Planning for Inheritors
If you have recently received an inheritance, you may be grieving the death of a loved one and experiencing a significant change in your finances at the same time.
Your feelings about what you have received may include the wish to preserve the inheritance, prudently incorporate the inheritance into your finances, navigate the expectations of those around you, and honor the person who gave you this gift.
From a financial planning perspective, your inheritance may create complexity that requires a thoughtful approach:
Your tax rate may change.
How the assets are taxed may depend on how you are receiving them.
You may need to become fluent in trusts, trustees, and trust taxation.
You may need to change your own estate plan.
Additionally, you may have new asset protection issues to consider.
How Timberchase Financial Can Help Heirs Plan Wisely
Eventually, decisions will need to be addressed about how to invest the inheritance toward your chosen goals. You may find the process overwhelming and out of control. You may feel the need to slow things down and park the inheritance until a time when you are more comfortable making decisions.
We understand both the financial and the emotional implications of receiving a large inheritance. Because we are comprehensive, we work with you to coordinate your investments, estate plan, tax plan, cash flow and debt, and your asset protection and insurance plan on your schedule and in a way that gives you complete control over the process. Timberchase Financial is positioned to help you gain control of your inheritance, make the most of what you have, and make the most of what you have been given.
We believe real wealth management is a complete approach to addressing your entire financial life, defined as the sum of investment consulting, advanced planning, and relationship management. If you would like to start a conversation about how our CERTIFIED FINANCIAL PLANNER™ professionals may be able to help with your financial plan, please contact us.
Further Reading
You may find the following article helpful: