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How can you protect, and even grow, your inheritance?

If you have received an unexpected inheritance from a loved one, you may be taken by surprise. It may be a property or a large sum of money. No matter what it is, the inheritance was unexpected and has you thinking about all you can do with it.

Many people spend their inheritances quickly instead of thinking about their long-term goals. Here are three ways to preserve your inheritance.

1. Don't spend it before you talk to an accountant

If you are to receive a large inheritance, be careful about planning how to spend it before you receive it. The very first thing you should do is to discuss the inheritance and how to protect it with your attorney and an accountant.

2. Consider setting aside a portion for a "rainy day"

It's a good idea not to spend your entire inheritance all at once, which is why some people turn to saving in separate accounts. For example, you might opt to place the majority of the inheritance into a high-interest savings account while withdrawing only enough money to take care of monthly necessities or special events as needed. With that technique, you can continue to grow your money while still reaping the benefits.

3. Invest

Investing is a good idea for those who understand how to do so. Whether you choose to buy a franchise of a popular restaurant and invest in a business or turn to the stock market, investing can help you increase your inheritance exponentially when done right.

If you have an incoming inheritance, think carefully. The right choices can help preserve the inheritance and even increase it over time.

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