|
Donald Trump Reveals Big Plans for East Wing Rubble The Daily BeastExclusive | Trump's Next Renovation Target: D.C.'s Golf Courses The Wall Street JournalTrump threatens to seize control of Washington, D.C.'s public golf courses The New York TimesPresident Trump could talk golf for hours. Ask his go-to course designer GOLF.comTrump takes first step in possible bid to control D.C.'s public golf courses The Washington Post
|
|
Ukraine war briefing: US envoy to meet Zelenskyy, Europe leaders in Berlin The GuardianZelensky Attempts to Rewrite Trump's Peace Plan Rather Than Reject It The Wall Street JournalZelensky to meet Witkoff and Kushner on Trump's peace push AxiosTrump talks Ukraine peace deal with Macron, Merz and Starmer PoliticoUK's Starmer and EU's von der Leyen discuss Ukraine peace plan,
|
RELATED ARTICLES | | |
|
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
|
|
