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Financial Strategies to Consider When Inheriting Money
Manage episode 407219205 series 3558878
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In this episode, I discuss some of the financial strategies you can implement into your own personal finances as the recipient of a financial windfall from a parent.
More specifically, I discuss:
- Strategies when inheriting property from a parent
- Strategies when inheriting cash and investments from a parent
- Tax considerations and planning when inheriting various types of assets
- How and why these strategies may be beneficial to you
- How to incorporate these strategies into your own personal finances
- Avoiding reckless spending and burning through a potential inheritance
Resources:
- Retired-ish Newsletter Sign-Up
- Begin Creating Your Own Financial Map After An Inheritance
- Free 4-Step Retirement Analysis for Ages 50+
- Ask Cameron A Question!
- Get Episode Show Notes Here
The key moments in this episode are:
00:00:00 - Incorporating an Inheritance into Your Life
00:01:46 - Strategies for Inheriting Property
00:06:47 - Selling Inherited Property
00:11:31 - Managing Cash Proceeds
00:14:46 - Allocating Inherited Money
00:15:55 - Tax Planning and Roth IRAs
00:18:14 - Benefits of Funding Roth IRAs
00:20:36 - Inheriting Pretax Retirement Accounts
00:25:13 - Having a Plan for Inherited Money
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