|
Stress, uncertainty as economy views decline; many voice frustration with Trump's economic approach, CBS News poll finds CBS NewsTrump approval sinks as costs rise, poll finds USA TodayOpinion | Trump's polls just passed a historic low MS NOWDonald Trump's current approval rating; Trump approval rate today Asbury Park Press
|
|
Demand for cruises appears undimmed despite hantavirus and other onboard outbreaks AP News‘You only have so much space': the limits of reducing infection risk on cruise ships The GuardianHow outbreaks at sea have been helping to shape the global health system since medieval times PBSCruise ships are perfect breeding ground for viruses, but we can't get enough The Washington Post
|
|
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
|
|
