However, it’s best to consult with a tax expert. Now that you have the money, give some thought to all the things you want and prioritize.

You may want to spend a portion of the money on something now, such as a new house or car, or a trip with your family. Not all products and services are available in all states. However, your relationship to the benefactor will also determine how much you are taxed, but these rules vary from state to state. William Taylor, vice president of financial planning for Northwestern Mutual, cautions that if you don’t give yourself time to grieve, “you may make emotional financial decisions.”. That's why I turned to financial planners from around the country and asked them outright: What exactly should an heir do with a newfound inheritance?

While we adhere to strict Make the most of the money your loved one left. Don’t be afraid to lean on the experts to get up to speed on any tax and legal implications you need to consider.

If you have large bills that you have been paying gradually, you should take a portion of your inheritance money to pay off one or more of them. Bankrate.com does not include all companies or all available products. If you do not have this, you may want to devote a portion of your inheritance money to achieving this goal.

Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. If you inherit money from someone who lived in a state that imposes inheritance taxes, then you will be taxed regardless of whether you reside in the same state or not. But if the inheritance comes as a surprise, a financial professional can provide a better idea of your options. Online and mobile banking have a lot in common, but there are some distinct differences. While you’re grateful for the unexpected windfall, knowing what to do with an inheritance can bring its own share of stress. study funded by the Bureau of Labor Statistics, Budgeting Tips for the Sandwich Generation: How to Care for Kids and Parents, 7 Resources When Caring for an Elderly Parent, How to Open a Certificate of Deposit (CD). It's what your benefactor would want. I saw in an article that if a person comes into a large sum of money, whether by inheritance or by, say, winning the lottery, the wise thing to do is to sit on it for three months and not spend any of it. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate.

Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Everyone’s financial game plan will look different depending on factors such as age, level of debt, whether they are supporting children or parents, and how they want to live in retirement. We maintain a firewall between our advertisers and our editorial team. Complicated assets, such as a family business or an asset you’ve inherited with others such as a home, will probably require a professional to help sort out the options. The first priority is to develop a strategy. “If your house is paid for but you run through everything else, you can’t use shingles to pay for groceries,” Flurry says. When you do begin to think about what’s next, tackling any debt you may have is usually a good first step. In the next three to four decades, $30 trillion will transfer from baby boomers to their heirs, according to the consulting firm Accenture. Q. I'm about to inherit around $300,000 from my grandfather's estate, and I'm wondering how my husband and I should use the money. After you receive an inheritance, the best thing to do is nothing. Otherwise, I would probably try to save at least half of it, and then pay off as many bills, like car payments or credit cards, as I could. Start a Business (Your reaction) Thank you!

"As a former banker, I can tell you that as soon as your deposit hits your account, bells and whistles will go off, informing everyone from the teller to the branch manager," says Jude Wilson, chief financial strategist at Wilson Group Financial. Financial advisers tend to recommend that people have sufficient savings to cover three to six months' worth of expenses. A good financial planner can help you identify any other experts you may need on your team. Ready to take the next step? Though a master plan will help you keep and grow the assets you’ve inherited, it doesn’t have to be perfect or static.

That means using the funds to create a better life for yourself in the long run, no matter how much was passed down. Since every situation is unique and tax laws can change, when considering things to do with an inheritance, consult a financial advisor or tax professional for guidance.

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