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Quick hits: Illini win streak snapped in 85-82 overtime loss at No. 10 Michigan State 247SportsMichigan State's Fears draws Illini's ire, shines in OT win ESPNJeremy Fears Jr. takes over in OT for Michigan State basketball Detroit Free PressCouch: 3 quick takes on Michigan State basketball's 85-82 overtime win against Illinois Lansin
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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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TODAY is Good Friday in the Orthodox Christian calendar. All over the eastern Christian world, from villages in Greece and Romania to cathedrals in Moscow, it is a day of haunting ceremonies that re-enact the death and burial of Jesus. There are chants of deep lamentation, interlaced with quietly confident declarations that mortality has been conquered and life will prevail. This builds up to the noisy, exuberant Resurrection festivities which take place on the night from Saturday to Sunday. This year, for some rank-and-file Russian Orthodox believers, the story of a just man unfairly accused but ultimately vindicated has even greater poignancy.
To the relief of human-rights campaigners inside and outside Russia, a brave historian who has devoted his life to uncovering, literally and metaphorically, the crimes of the Stalin era was largely acquitted this week of the surreal charges which had been laid against him. Prosecutors were demanding a nine-year prison term. A court in northwestern Russia cleared Yuri Dimitriyev (pictured) of...Continue reading
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