|
Elon Musk's $1.8 Trillion SpaceX IPO Is Too Big to Succeed Barron'sThere's More to Space Stocks Than SpaceX WSJHere's How SpaceX's IPO Will Affect S&P 500 and Nasdaq-100 Investors Yahoo FinanceMusk Leaves Investors Starstruck at Dimon's SpaceX Extravaganza Bloomberg.comElon Musk Is Dropping a Boulder in a Kiddie Pool The Atlantic
|
|
What to expect from WWDC 2026: Siri's highly anticipated revamp and Apple Intelligence updates TechCrunchHere comes new Siri again The VergeApple's WWDC: Tim Cook's AI legacy at stake in his final developer conference as CEO CNBCWhat to Expect From Apple's AI, Siri and iOS 27 Launch at WWDC Bloomberg.com
|
|
It's no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grieving the loss of a parent or other loved one.
SEE MORE How Much of Your Estate Will Be Lost to Taxes?
I often work with people in many different age groups who have suddenly become wealthy as the result of a windfall inheritance. While there is a need to develop a comprehensive financial plan, it's not the first step. Instead, I try to determine each person's starting point with money. Many people fall into one of three categories:
They are anticipating how they will handle their wealth, but the money hasn't yet arrived.They have their inheritance — often several million dollars — but they are still grieving the loss of a loved one and are looking for guidance on next steps.
The inheritance has been in their bank account for a long period, but they still lack direction and can't make any decisions.
It is important to listen to each person's personal story with a windfall of money. Losing an important person in your life is difficult, and reflecting on the impact that person made is just as important. Many people express a desire to do something to honor a parent's wishes.
Figuring out how to make the best use of an inheritance
Here is how I generally approach these conversations to help a person make the best use of their inheritance:
Define their relat
|
|
