What Should I do When I Inherit Money?
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What Should I do When I Inherit Money?
Seek professional guidance to gain an understanding of how this could affect your taxes in the year you inherit it and possibly beyond. There may be inheritance taxes. If you inherit a retirement account, there are tax implications every time you withdraw money from the account.
The average inheritance is spent within 5 years of receiving it!
Most people treat inheritances like found money and they spend it quickly on things that they have been wanting - a new car, a boat, a house remodel. Think through your long term financial goals - are you behind in your retirement savings? Should these dollars be categorized to help you achieve your own retirement goals?
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