Find Out What Legal Options Are Available To You 615-988-4106 Contact Us

Make a financial plan before you use any inheritance assets

As a potential heir, it's a good idea to sit down and think about the money or assets you're about to receive. You want to know how to handle it well so that it can go the distance toward helping you in the future.

Did you know that two out of three baby boomer households are prepared to get an inheritance in their lifetimes? The average payout is an amazing $300,000. If you fall into this group, you want to be prepared for the money and assets that could be coming your way.

What should you do with your inheritance?

Once you receive an inheritance, it's a good idea to place it into secure accounts. For example, you may want to put it in a high-interest savings account, municipal bonds or short-term bonds until you're sure of what you'd like to do with it. This money can continue to make money for you, which is a massive benefit.

Now, it's time to make a financial plan. Usually, people take inheritances and pay off debt first. Start with things like credit cards and move on to the next-highest interest rate items. This gives you a great return on investment since you no longer have to pay out monthly for these debts.

Finally, fund your retirement. Even if you have a solid retirement plan in place, it never hurts to have more. Invest in your 401(k) plan, a Roth IRA or other services to give yourself what you need to live comfortably once you decide to stop working.

These are a few tips for handling an inheritance. Make a financial plan first, so you know how you want to spend that money.

No Comments

Leave a comment
Comment Information

When you need legal help, we are here for you.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Our Office Location

Mary C. LaGrone
234 4th Avenue North, Suite 300
Nashville, TN 37219

Phone: 615-988-4106
Fax: (615) 242-6750
Nashville Law Office Map

Map & Directions