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At Midway International Airport, Amy Schuber gathered her three young kids near baggage claim with her husband Thursday afternoon. She was heading back to her home in Oswego after a nearly week-long vacation in Tampa. The 37-year-old was happy with her Southwest flight, namely the relatively cheap price and ability to bring two checked bags for free. But something that can cause a headache, she said, is not having a guarantee that her whole group can sit together. This won't be a worry for much longer. The airline announced Thursday that it will start assigning seats and offering premium seating […]
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The carrier will end its longtime practice of open seating and offer "premium" options that have more legroom.
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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.
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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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