What if I received an Inheritance?

Incorporating an Inheritance Into Your Financial Plans

A question that routinely comes up in financial and estate planning discussions is how to plan for an anticipated inheritance. It can be tough to discuss, but we encourage all our clients to have a plan in place for when (and if) an inheritance comes their way. Here’s some high-level guidance:

If your anticipated inheritance is years away, plan and save for the future as if it didn’t exist. Then, if circumstances change (and they often do!), you and your family will still be financially secure. 

If an inheritance is imminent: 

  • Most importantly, refrain from spending your inheritance before you have it. Keep from making large purchases before you know precisely what you’ll be receiving. 
  • Identify your current and future financial goals, then use the inherited funds to help you meet those goals.
  • Build a team of professionals to help you reach and stick to your post-inheritance goals. This might include a financial planner, an estate planning attorney, and a tax professional.

If you would like to review your financial plans or if you’re in the midst of receiving an inheritance, reach out to us reach out to us at 716-445-7465 or email [email protected] to schedule a free consultation. We’re  here to help however we can.