Have you ever received an inheritance? Are you planning on leaving some money or possessions to your friends or family if something happens to you? What does it take to use an inheritance wisely? Too often, well-intentioned men and women find themselves with an unexpected win-fall of inheritance with no idea on how to proceed. In many ways, an inheritance is like winning an unexpected sum of money - no one knows how they’ll react until they have the opportunity. We’ve all read stories of people who squander their financial inheritances - what does it take to avoid becoming one of those stories?

 To help proactive and organized individuals, I’ve created this helpful rundown of several tips you can use to make the most of your inheritance. Make sure you have pen and paper handy - you don’t want to miss a minute of this informative episode! 

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You will want to hear this episode if you are interested in...

• Using your inheritance wisely. [1:25] 
• Different types of inheritances. [3:00] 
• Options for paying taxes on your inheritance. [8:00] 
• How a ROTH IRA can factor into your inheritance plans. [11:00] 
• Why it’s a good idea to park your inheritance money. [15:00] 
• Review your insurance and estate planning needs. [17:00]
• Closing thoughts. [19:00]

Different types of inheritances 

Did you know that there are different types of inheritances? It’s true! Whether it’s inheriting a lump of sum, a vehicle, a house, or even jewelry - you’ve got to have a plan. 

• Cash inheritance. 
• Inheriting a house.
• Inheriting a car, antiques, jewelry, and other items

What would be your first move when it comes to an unexpected inheritance? Stick around, I’ve got several helpful tips you can use to make the most out of inheritance should one come your way. Learn more by listening to this helpful episode!

6 tips you can use 

Where can you turn to when you experience a financial situation you’ve never encountered before? Do you have a financial advisor you can turn to that you can trust? Over the years I’ve helped hundreds of professionals just like you understand the inheritance they’ve received and create a plan to use it effectively. Here are six of the top tips that I use to help people make the most of the financial inheritance they’ve received. 

1. Consult with a certified public accountant (CPA) or tax advisor, an insurance agent, an investment professional, an estate planning attorney, a tax attorney, or a real estate agent. 
2. Park your inheritance. Don’t make any major decisions. 
3. Eliminate any debt you are carrying. 
4. Think about your overall financial plans and what your goals are. 
5. Review your insurance and estate planning needs. 
6. Do something fun with the money! 

How will you plan to use your future inheritance? Make sure to pass this on to someone who will find it helpful!

Connect With Morrissey Wealth Management 

www.MorrisseyWealthManagement.com/contact