7 Inheritance Mistakes to Avoid
The period following the death of a loved one can be a tumultous time. Dealing with death and receiving an inheritance brings mixed emotions. The loss of a loved one is distressing, and while added funds can bring relief, it can be hard to think and plan objectively.
After receiving an inheritance, some people blow through it surprisingly quickly. Here are some mistakes people make when inheriting money and how to avoid them.
1. Not Factoring in Potential Inheritance Taxes
2. Failing to Make a Budget
3. Spending Too Much
4. Not Paying Off Debts
5. Losing Other Income Sources
6. Not Saving Enough
7. Not Getting Expert Advice
Read more to understand each of these mistakes.
Give us a call to consult with one of our attorneys to ensure you make smart investment decisions with your inheritance. Together with a financial advisor, an estate planner can provide valuable advice on diversifying investments and minimizing risks to maximize the potential growth of your inheritance. Seek out both these professionals to manage your inheritance wisely and plan for a financially healthy future.
You also can work with us to get assistance in setting up a trust to protect your newfound money (or property). Additionally, partnering with an estate planner can mean knowing how to safeguard your inheritance for future generations.
