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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
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Under our country's "pay as you go" tax system, Uncle Sam wants to collect his cut periodically throughout the year as you earn income. In most cases, the required taxes are paid through paycheck withholding (your employer sends in the payments). But if you're self-employed, have a side gig, or don't have taxes withheld from other sources of taxable income (e.g., interest, dividends or capital gains), then quarterly estimated tax payments to the IRS are typically required.
SEE MORE 2022 Tax Calendar: Important Tax Due Dates and Deadlines
Estimated taxes are paid in four equal installments — generally, one installment for each quarter of the year. The first payment for the 2022 tax year was due on April 18, 2022, while the second payment was due June 15. The third 2022 estimated tax payment, which is for income earned from June 1 to August 31, is due on September 15, 2022 (that's tomorrow!).
Also, unless you live in a state with no income tax, you might owe state estimated taxes, too. Check with the state tax agency where you live for state estimate tax payment due dates.
Disaster Victims Get More Time to Pay Estimated Taxes
People and businesses impacted by certain natural disasters are typically given more time to file federal tax returns and pay federal taxes. This includes extensions for making estimated tax payments. For the third estimated tax payment for the 2022 tax year, victims o
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