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Jun 18, 2010 · Everyone wants to win Lotto Max's multi-million dollar prize. Here's how not to blow it if you have the winning number.
Feb 17, 2024 · Evan Parubets, head of the advisory services team at Steadyhand Investments, says a handful of clients come to his company every year to ask what they should do with money that fell into their...
- Salmaan Farooqui
- Don't Assume You'll Get It
- Take It Slowly
- Seek Advice If You Need It
- Pay Off Debts
- Invest The Rest
- Understand The Tax Implications
- Splurge If You Must, But Don’T Go Crazy
- The Bottom Line
First of all, if you're expecting a large inheritance one day but have yet to receive the money, don't count on it. Things can change. Your relative or other benefactor might incur large medical or nursing home bills at the end of their life. They may decide to leave it all to charity. They may be swindled by a con artist. The average inheritance t...
If you do receive a substantial inheritance, don't feel that you have to rush into any decisions. Coping with grief isn't easy and adding money to the mix can only complicate matters. What you should do first will depend on what form (or forms) your inheritance takes. For example, if you inherit cash, you might want to park it someplace safe for a ...
Depending on the amount of money involved and your own comfort level in making financial decisions, you might want to pay for some professional guidance. A financial planner can help you decide how best to handle the money in the short term as well as devise a long-term financial plan that takes all of your assets and obligations into consideration...
One worthy use for inherited money is paying down your debts, particularly high-interest debt such as credit cards or student loans. Lower-interest debt, such as a home mortgage if you have one, is more of a judgment call. If you would feel more secure with a paid-off mortgage, by all means, use the inheritance for that purpose. If you'd rather inv...
When you've paid off debts, you can decide what to do with the money that's still sitting safely in your bank or credit union accounts. Again, don’t rush it. With the help of a financial planner, or on your own if you'd rather, you will probably want to begin to invest the money. Inherited money is no different from money you've earned for yourself...
Unless you inherit a great deal of money, you probably won't have to worry about federal estate taxes. In 2024, for example, those kick in only on estates worth $13.61 million or more.Some states also have inheritance taxes, but you don't really have to worry about those either because the estate has to pay them, not you. However, certain types of ...
Finally, we’ll skip the finger-wagging if you want to spend some of your inheritance on yourself or your loved ones. It's your money now. But it's worth remembering that when it's gone, it's gone, whereas if you invest sensibly, you'll have it for years to come. You might even be able to pass it down to your own heirs someday.
If you receive a large inheritance and use it wisely, it can make a positive difference in your life. But don't feel rushed into making any decisions and seek professional advice if you need it.
Jun 26, 2024 · 3. "I built a business worth around $3 million, had a house worth $1.4 million, investments worth more than $2 million, and had four nice cars.
18 hours ago · Share. An Ottawa woman, who has survived cancer and has overcome addiction, has won $70 million with Lotto Max. Patricia Warden, 49, won the jackpot from the May 31 Lotto Max draw. Warden has been ...
Sep 30, 2022 · (Image credit: Getty Images) By Erin Hadary, CFP®, MBA, CAP®, CeFT®. last updated 30 September 2022. It’s no surprise that many people who inherit millions of dollars are uncertain about...
Jun 12, 2024 · For more perspective, according to the most recent Federal Reserve Board Survey of Consumer Finances, which is released every three years and was last updated in October 2023, the median net...
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