Transcript

It’s common to feel a sense of paralysis when you receive an inheritance. It can feel like the money still belongs to your loved one so you shouldn’t touch it. Sometimes inheriting money can damage a personal financial plan, similar to winning the lottery. A sudden influx of money can cause people to act rashly and regret it later. That’s why it can be beneficial to work with a professional on your financial plan before making any decisions about your inheritance.

Your first consideration is, where will you get your financial advice from? In the case of a parent passing away, will you continue to work with their financial advisor? Or will you find your own? It’s a common misconception that an inherited investment account is somehow tied to the financial advisor. In reality, you can transfer an inherited account to any number of wealth management or brokerage firms. You will want to find a good fit. Someone who is well-qualified, but also able to connect with you on a personal level to understand your goals.

When my clients receive an inheritance, we first consider their goals and values. What are the short and long-term goals they’re trying to accomplish and how can this influx of money best serve them?

Of course, an inheritance often coincides with a time of great emotional loss. So take your time. Give yourself the space to make good decisions and avoid taking sudden actions you may regret later.

My name is Joel, and I’m a financial advisor with Savant Wealth Management. If you received an inheritance and aren’t sure what to do with it, I encourage you to get in touch.

Call (866) 489-0500 | Go to: www.savantwealth.com/schedule-call

Let’s figure this out together.

Author Joel Cundick Financial Advisor / Team Lead

Joel is frequently quoted in local and national media and has been a repeat guest on Federal News Radio. He teaches retirement preparation seminars to Federal employees through the National Institute of Transition Planning.

About Savant Wealth Management

Savant Wealth Management is a leading independent, nationally recognized, fee-only firm serving clients for over 30 years. As a trusted advisor, Savant Wealth Management offers investment management, financial planning, retirement plan and family office services to financially established individuals and institutions. Savant also offers corporate accounting, tax preparation, payroll and consulting through its affiliate, Savant Tax & Consulting.

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