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What would you do if a five- or six-figure check showed up one day? You might want to give that question some serious thought because, for some families, it could happen.
No, it’s not the lottery, a federal stimulus payment or the result of your ability to pick hot stocks on Wall Street. It might be proceeds from an insurance company or a distribution from an estate. Most likely, it also means that someone you care for deeply has died. It’s your inheritance, a “gift” from your parents, grandparents or a sibling.
Such checks arrive every day, as men and women receive inheritances in the form of transfers of estates from one generation to another. When an inheritance arrives it is important to be prepared, both in terms of the practical aspects of managing the assets, as well as dealing with the emotional ramifications.
Sometimes the money causes serious problems. This is often due to …
Inheritances can also trigger emotional issues. It can be difficult to remain objective about one’s inheritance. Because the money is directly related to the death of a loved one, there’s often a conflicting mixture of guilt and elation. It’s not uncommon for people to say things like: “On one hand, I experienced a euphoric rush. Suddenly, I could pay off bills, put a little aside and get off the financial treadmill. On the other, my mother had to die for me to receive the money.”
What can you do if you are in line for an inheritance? Here are some suggestions:
The key is awareness and preparation. If you understand the perils, pitfalls and opportunities you face regarding your inheritance, you will be better prepared to utilize those assets wisely.
Where to start: One of my services is estate planning. I meet with my clients – and this, ideally, involves multiple generations – to help them identify their goals and discuss their options. If you believe my input would be of value to you and your family, please contact me. There is no obligation.
Rich Mino, a financial advisor with Del Mar Financial Partners, Inc., works closely with families and small businesses in the Carmel Valley area. He is passionate about making a difference in his community through financial literacy programs, and focuses on building strong relationships with all of his clients so that he can be a resource to them where needed most. An active member of the Del Mar Kiwanis, Rich supports his Carmel Valley community through local service projects, and by sponsoring the Builders Club and Key Club leadership programs at Carmel Valley Middle and Torrey Pines High Schools. In 2012, he is working to implement a financial literacy educational program to help prepare and educate kids with the challenges that they will face as they begin and graduate from college. He is a registered representative of Securian Financial Services, Inc., Member FINRA/SIPC. Securities dealer and registered investment advisor. Del Mar Financial Partners, Inc. is independently owned and operated. 12526 High Bluff Drive, Suite 280, San Diego, CA 92130. 438300 DOFU 01/2012
The information in this article is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2012 Emerald Connect, Inc.Securities and investment advisory services are offered through Securian Financial Services, membe FINRA/SIPC. Copyright 2010 © Custom Communications Insurance Publishing. Material in this article may not be reprinted without permission. Securian Financial Group, Inc. www.securian.com 400 Robert Street North, St. Paul, MN 55101-2098 ©2010 Securian Financial Group, Inc. All rights reserved. F70288-26 11-2010 DOFU 11-2010 A04917-1110