- Preparing for Retirement
- Paying for Education
- Living in Retirement
- Planning Your Estate or Inheritance
- Preparing for the Unexpected
- Choose By Life Event
- How We Approach Your Needs
Family pressures can make inheriting a large sum of money challenging - especially because many times, inheritance is due to the loss of a loved one. Regardless of the circumstances, you still need to put a plan in place. Are you prepared to handle your newfound wealth?
There are many financial needs to think about when experiencing a financial windfall, from understanding the tax implications to deciding the best way to put your money to work for you. And if the amount is substantial, you should probably start thinking about longer-term issues like taxes, increasing your insurance coverage and creating an estate plan of your own.
But before you do anything, take a few moments to catch your breath. We know it's overwhelming to think about all these situations at once. But the right plan can help you make the most of your inheritance.
The Big Picture
Consider your own needs first. Taking care of yourself and your family is paramount to the needs of your extended family. Tend to things that have been issues like repairs on the house or car you may not have been able to do previously - and make sure you've got your emergency reserve of at least three months of income in savings.
Once those immediate goals are met, it's time to prioritize future goals, like college savings for your children and saving for your own retirement. Have you always wanted a bigger house for your growing family? We can help you prioritize these goals and develop the appropriate strategies for each. Just call your financial advisor and get started today.
Even though you've just inherited a large sum of money, it can disappear before you know it if you don't make wise decisions. Start by ensuring that you're saving for both your short- and long-term goals. Learn more about how Edward Jones approaches your needs. Then contact your local Edward Jones financial advisor, who will be happy to help you identify and prioritize your financial goals and track your progress toward achieving them.
We can help you diversify your investments to make the most of your new-found wealth.