I'm Receiving an Inheritance

An inheritance may seems like a fairly straightforward event. But there are things to consider depending on the size of the inheritance and how it affects your personal financial situation.


The tax implications alone were enough to make my head spin. But even more importantly, I wanted to be sure I honored his memory by making the best use of his gift.

After checking in with the bank, I was directed to a financial advisor who guided me through all the options my new wealth provided and helped make sure I was making good decisions.

We started by taking a closer look at my personal finances. And it was a good thing we did. I think I was in denial about my credit card debt.

After taking care of those higher interest debts, we evaluated my retirement fund. He advised me to increase my monthly contributions so that I could maintain my current lifestyle in retirement.

And lucky for me, the majority of dad’s retirement funds were held in a Roth IRA, so when I do receive distributions, they won’t be taxed like my normal income.

Dad’s legacy hasn’t just gotten me on track financially, it has really given me a wake up call about how quickly everything can change and I am already planning for the future.

I’ve created an estate plan to ensure my children are taken care of in case something happens to me.

It hardly seems possible that dad’s been gone a year now. I still miss him every day. He’d be proud to know that with a little help from a financial advisor, I’ve made some smart decisions with my inheritance.