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Managing a windfall
Managing your inheritance
- At first, do nothing. Although windfalls are exciting, they’re often accompanied by a range of emotions. Wait three to six months, until your emotional rollercoaster has evened out to make any major decisions.
- Check in with your goals. Reexamine your current financial situation. Do you have high-interest debt to pay off? An emergency fund that needs shoring up? Even putting small amounts toward a variety of goals can net you big results.
- Talk to a tax pro. Uncle Sam will likely expect to receive a portion of your windfall, too. Consult a CPA to find out how much you should set aside for when the tax bill comes due.
- Work with a financial professional to plan for the long-term. Once your immediate needs are addressed, consult a financial advisor to develop an investment plan that will turn today’s windfall into tomorrow’s financial security.
- Consult an attorney. If you don’t have a will, work with an attorney to draft one. And if you do, now’s the perfect time to review it—with your lawyer’s help—to make sure it reflects your new financial picture.
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